Societe Generale to Acquire Majority Stake in Fintech Firm PayXpert
Societe Generale has announced the signing of an agreement to acquire a majority stake in the fintech PayXpert. The proposed acquisition would allow the Bank to broaden its offering for retail and online merchants and to pursue its ambition to be a leader in payment acceptance in Europe.
PayXpert, a fintech specialised in payment services, offers retail and online merchants secure solutions for accepting customer payments both in-store and remotely, and for all payment methods (card, mobile applications, QR code, etc.).
With this transaction, Societe Generale would enhance the payment experience, notably by developing its omnichannel commerce solutions in Europe.
Drawing on Societe Generale's networks and subsidiaries in France and across Europe, PayXpert would pursue its geographic expansion to serve more merchants with a broader range of integrated services. Societe Generale's support would allow PayXpert to accelerate its technological and commercial developments.
Societe Generale's experience in merchant acquiring and its expertise in specialised financial services would deepen PayXpert's offering. Societe Generale's and PayXpert's merchant clients would benefit from additional payments, financing and insurance solutions to address an increasingly wider range of customer needs and optimise sales as a result. This would give Societe Generale and PayXpert's merchant clients access to a payment offering enriched with differentiating and value-added services.
"The acquisition of PayXpert would enhance our payment solutions offering by providing increasingly comprehensive and innovative services to our retail and online merchants. 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," said 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, would enable us to consolidate an innovative offering for merchants of all sizes. With a modular and multi-acquirer solution geared towards cross-border and omnichannel needs, the envisaged integration would position us as a first-choice player as new specialists enter the market," stated Nicolas Riegert, Founder and CEO of PayXpert.
The execution of the transaction remains subject to the approval of the relevant authorities. It would not have a material impact on the Core Tier 1 ratio of Societe Generale group.
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