Societe Generale acquires payment fintech PayXpert
As a recognized and long-standing player in all aspects of merchant services and card payment processing in France, Societe Generale offers payment solutions both online and in-store.
The accelerated rate of change in consumer behavior (Buy Now Pay Later – BNPL, integrated insurance services…), new technologies and the emergence of specialized fintechs are reshaping the payment market. Societe Generale is constantly adapting its offer and innovating to meet new customer journeys. For example, the bank has supplemented its offer with solutions for marketplaces, as well as payment initiation services for both e-commerce and physical outlets.
To facilitate this new consumer behavior and continue to offer customers a seamless and integrated payment experience, Societe Generale announces its plan to acquire a majority stake in PayXpert.
With this acquisition, Societe Generale will expand its offering to retail and online stores and continue its ambition to be a leading player in payment acceptance in Europe.
Since its establishment in 2009, PayXpert has offered payment acceptance services for both cards and alternative payment methods, locally and internationally, as well as complementary value-adding services across several channels – including solutions aimed at blind and visually impaired customers. Innovation and payment accessibility for all is a core component of PayXpert’s strategy, which has built a simple, personalized and inclusive service ecosystem and payment experience.
PayXpert is also a payment institution that allows it to process payments and receive funds from those payments for European merchants. Fintech has payment processing partnerships across national and local networks – including Visa, Mastercard, Cartes Bancaires, WeChat Pay and Alipay – to support consumer payments from more than 170 countries and in over 150 currencies, making day-to-day management easier for merchants.
Drawing on Societe Generale’s network and subsidiaries in France and across Europe, PayXpert will continue its geographic expansion to serve more merchants with a wider range of integrated services. Societe Generale’s support would allow PayXpert to accelerate its technological and commercial development.
Societe Generale’s merchant sourcing experience and its expertise in specialized financial services will deepen PayXpert’s offering. Societe Generale’s and PayXpert’s merchant customers will benefit from additional payments, financing and insurance solutions to meet an ever-widening range of customer needs and optimize sales as a result. This will give Societe Generale and PayXpert’s merchant customers access to a payment offer enriched with differentiating and value-adding services.
“The acquisition of PayXpert will enhance our payment solutions offering by providing increasingly comprehensive and innovative services to our retail and online stores. It reflects our commitment to maintain an integrated approach to payments and is consistent with Societe Generale’s long-standing and innovative policy of cooperation with fintechs, says Aurore Gaspar Colson, deputy head of Societe Generale Retail Banking in France.
“Our shared vision, together with the synergy of the Societe Generale and PayXpert teams, will enable us to consolidate an innovative offering for merchants of all sizes. With a modular and multi-buyer solution aimed at cross-border and omnichannel needs, the planned integration will position us as a first-choice player as new specialists enter the market, says Nicolas Riegert, founder and CEO of PayXpert.
The completion of the transaction is dependent on approval from the relevant authorities. It would not have a material impact on the Core Tier 1 relationship of the Societe Generale group.
