Societe Generale buys majority stake in fintech firm PayXpert
French banking group Societe Generale has entered into an agreement to buy a majority stake in fintech company PayXpert for an undisclosed sum.
PayXpert was founded in 2009 and specializes in payment services. The firm offers solutions for accepting consumer payments securely.
The payment acceptance services include both in-store and online solutions as well as alternative payment methods such as cards, mobile applications, QR code, among others.
In addition, PayXpert offers a number of value-added services that include solutions for blind and partially sighted consumers.
PayXpert has alliances to process payments across various networks such as Visa, Mastercard, Cartes Bancaires, WeChat Pay and Alipay.
These alliances promote consumer payments in over 170 countries and in more than 150 currencies.
With the latest agreement, Societe Generale seeks to expand its existing products for retail and online stores.
The bank will also be able to expand its omnichannel trading solutions in Europe.
Furthermore, the new agreement will allow Societe Generale to capitalize on the ongoing changes in consumer behavior, including buy-now-pay-later (BNPL), integrated insurance services, innovative technologies, etc.
After the acquisition, PayXpert will be able to expand its presence with the help of Societe Generale’s network and subsidiaries in France and throughout Europe.
PayXpert will also be able to accelerate its technological and commercial improvements.
Merchants affiliated with both companies will receive new payment, financing and insurance solutions to meet customer demands and subsequently increase sales.
Implementation of the latest agreement requires approval from the relevant authorities. The agreement will not have a significant impact on the Core Tier 1 relationship with the bank.
Societe Generale Deputy Head of Retail Banking in France, Aurore Gaspar Colson, said: “The acquisition of PayXpert will enhance our payment solutions offering by offering increasingly comprehensive and innovative services to our retail and online stores.
“It reflects our determination to maintain an integrated approach to payments and is consistent with Societe Generale’s long-standing and innovative policy of cooperation with fintechs.”
