- 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.
Société Générale reportedly seeks new buyer for neobank Shine
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