Fintech startup Treezor bought by Société Générale
Treezor, the French local banking-as-a-service platform which offers services such as real-time core-banking system, payment, and KYC software has just been acquired by the French banking group.
The business, which was founded in 2015 and currently handles €3bn in transactions annually is thrilled at the opportunity to focus their expertise alongside a legacy firm.
Treezor CEO Eric Lassus noted: “This partnership with Société Générale will consolidate our leading position in Europe and support our ambition to address even the most demanding projects. This development will increase our offer and our capacity to industrialise.”
Société Générale, who already purchased Fiducéo in 2015 and Lumo just earlier this year, has said that the acquirement of Treezor will help in reducing development and deployment processes. The partnership also falls squarely in favour of France’s campaign to internationalise their fintech.
Société Générale chief innovation officer Claire Calmejane said: “This acquisition is part of our open innovation strategy and collaboration between Fintechs and banks. Société Générale will support the growth of Treezor’s clients and the transaction will foster the collaboration between our businesses and Fintechs.”
Treezor was created by Grégoire Bourdin, Eric Lassus and Xavier Labouret, and teams from investment company BJ Invest.
The deal is pending regulatory approval.