Created to make the lives of the self-employed and small businesses easier, Shine rapidly became a leading neobank, serving over 70,000 entrepreneurs, in just two years. Much more than a bank, Shine offers a 100% online business account as well as a « co-pilot » to support them with their administrative task (invoicing, calculation of charges, accounting simplification, etc.) and allow them to focus on their business and development.
Shine is a responsible neobank which simplifies the banking and administrative experience for its clients with a balanced offer of innovative services and online support provided by a team of experts available seven days a week. The startup also relies on the technological expertise of Treezor, a major supplier of solutions for Fintechs acquired by the Societe Generale group in 2018.
Shine is one of the few French Fintech companies that has proven its ability to quickly attract entrepreneurs through its position as an innovator and the quality of its offer. Shine will continue to develop independently with the aim of supporting new clients in a spirit of innovation and responsibility, both socially and environmentally, which has been an important factor since its creation. Its two founders, Nicolas Reboud and Raphaël Simon, have effectively based its development on strong convictions and values, such as social engagement and the development of their staff. The neobank was also recently awarded B Corp certification. This demanding international label recognises its commitment in six areas: the environment, society, employees, governance, community, and clients.
Societe Generale will also market Shine products to business clients that prefer 100% online management and low-cost services. When the level of business activity and needs of these clients evolve, Societe Generale will provide them with a more extensive solution, including the expertise of advisers, in a seamless continuum and without having to change banks.
After developing its commercial strategy with the creation of over a hundred dedicated business centres, Espaces Pros, Societe Generale has extended its range of services for business clients in line with the strategic focus of the Group’s development plans.
Beyond the complementary nature of the offers, the coming together of Societe Generale and Shine will help develop broad synergies across the Group. Services, such as credit, insurance, and payments, can be offered to neobank clients in accordance with Shine's mission to always simplify the banking experience for entrepreneurs.
The synergies created between the two partners will allow us to move faster and further to serve new business clients with the ambition of becoming the French leader in this market.
Societe Generale, the first French bank to acquire a Fintech in 2015 with Fiduceo and, more recently, with Lumo and Treezor, confirms, with the acquisition of Shine, its major role in the Fintech ecosystem and its ability to work with startups.
‘Through the acquisition of Shine, we will be able to offer entrepreneurs the widest offer in this growing, high-value market. Shine’s model appealed to us because it reinforces our relational promise to offer clients the best of mix of people and digital technology. Finally, there are many synergies with our various businesses allowing us to take our Open Banking strategy to the next level’, explained Marie-Christine Ducholet, Director of Societe Generale Retail Banking in France.
‘We created Shine to make the lives of entrepreneurs easier and allow them to concentrate on their business. We are pleased and proud to join Societe Generale group, further proof of the solidity of our model, based on digital technology, human support, and responsible development. This acquisition will provide entrepreneurs with a solution that is still simple but considerably enriched (credit, insurance, payment, etc.). We can't wait to speed up the work that has been going on for two years!’ added Nicolas Reboud, CEO and co-founder of Shine.
Launched in 2018, Shine raised €10.8 million from Daphni, Kima Ventures, XAnge, and several business angels.
The transaction will not have a significant impact on the Societe Generale group’s CET1 ratio.