With Fiduceo, Societe Generale became the first bank in France to acquire a fintech company. Since then, we have seen a multitude of partnerships, investments, experiments and exchanges, well beyond the borders of France.
In 2015, Societe Generale's subsidiary Boursorama announced the acquisition of Fiduceo, a French online personal finance management firm. Thanks to the expertise of this fintech, we were able to develop an account aggregator firstly for the clients of Boursorama, and then for those of Crédit du Nord and Societe Generale.
Today, the Group continues to forge stronger and more extensive links with the start-up and fintech ecosystem. In France, for the benefit of its professional, skilled worker and merchant clients, Societe Generale is teaming up with Bulb in Town, a participative financing platform the aim of which is to foster the emergence of new projects and assist with innovation and the local economy.
In Africa, where Societe Generale is one of the top three international banking players, the Group is meeting the growing demand for banking services by developing innovative payment solutions with fintech company TagPay.
In India, our Catalyst accelerator is opening up business opportunities for the Indian ecosystem. Local fintech companies are working with the business lines concerned to create a prototype solution in just six weeks around themes such as artificial intelligence, machine learning, big data, data visualisation, audio transcription into text, and client sentiment analysis.
Societe Generale is the first founding member and the only large bank to partner Swave, an incubator for FinTech and InsurTech startups that occupies 2,500 m2 in La Grande Arche de La Défense.
In its new strategic plan, Transform to Grow, Societe Generale announced it would invest €150 million in startups over the next three years by seizing both internal and external opportunities, ramping up the opportunist investments it has made so far.
FinTech is more friend than foe to banks
Banks and FinTech firms must cooperate to confront the challenge from big tech companies. There has already been more than $1bn invested in the UK FinTech sector in 2017 and the year is not over yet. But where is the money actually going? This is the view of Anthony Woolley, Head of Group Innovation for Societe Generale in the UK.
TagPay in Africa
The Societe Generale Group acquired a €1 million stake in the capital of French fintech company TagPay, a specialist in digital mobile banking. TagPay is currently being rolled out to several of the Group's subsidiaries in Africa: implementation of a mobile recovery solution for Manko in Senegal, testing of a merchant payment solution at Shell service stations in the Ivory Coast, a mobile banking project involving several Sub-Saharan African countries. It comprises a core banking system built around mobile solutions and adapted for both standard mobile handsets and smartphones. Tagpay offers numerous competitive advantages thanks to its rapid roll-out capacity and extensive catalogue of functions and financial services. It enables access to populations that are not yet availing of banking services and at the same time to the advantages of the growing digital banking market.
Smartkarma’s award winning equity research platform
Societe Generale today announces a new agreement with Smartkarma, a curated online platform for investment insight focused on the Asian markets. Under this global agreement, Societe Generale will provide its institutional clients access to a new form of equity research based on demand driven and customised content provided by the industry’s highly ranked analysts, academics, data scientists and strategists.
Local crowdfunding with Bulb in Town
Societe Generale has joined forces with Bulb in Town, a crowdfunding platform devoted to local projects, with a shared desire: to encourage the emergence of new projects, support innovation and the local economy. This partnership led, in October 2016, to the launch of a competition on the Coup d’Envoi website aiming to reward the platform’s best projects via an online vote.