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HomeBankingSociété Générale reportedly seeks new buyer for neobank Shine

Société Générale reportedly seeks new buyer for neobank Shine

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  • Shine Sale Consideration:
    • Société Générale is reportedly considering selling Shine, the neobank for freelancers and small businesses.
    • The French banking giant is actively exploring options and approaching potential buyers.
  • Shine’s Background:
    • Shine was launched in 2018, offering business accounts and debit cards tailored for freelancers and small businesses.
    • Acquired by Société Générale in mid-2020, utilizing the Banking-as-a-Service (BaaS) subsidiary Treezor.
  • Post-Acquisition Growth:
    • Société Générale claims to have doubled Shine’s customer and employee headcount in four years.
    • Revenues for Shine reportedly tripled during this period.
  • Cost-Cutting Motivation:
    • Despite the growth, Société Générale is now looking to sell Shine to cut costs amid a downturn in France’s retail and online banking market.
  • Industry Trends:
    • ING confirmed its departure from the market in December 2021, citing a lack of scalability.
    • Orange Group is in negotiations with BNP Paribas to transition Orange Bank customers, reflecting industry changes.
    • La Banque Postale announced the closure of Ma French Bank due to a lack of profitability.

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