Société Générale to Sell Shine to Ageras: What You Need to Know

Sydney Times

— 1 min read
Société Générale to Sell Shine to Ageras: What You Need to Know

Introduction:

  • Société Générale, a French financial institution, acquired Shine, a fintech startup, four years ago.
  • Now, Société Générale has announced plans to sell Shine to Ageras, a Danish company in the fintech and accounting space.

Background:

  • Société Générale acquired Shine for around €100 million in 2020 to expand its online banking services for freelancers and small businesses.
  • Ageras, founded in 2012, initially operated as an online marketplace connecting small businesses with accountants and bookkeepers.
  • Ageras recently shifted focus to offering a comprehensive fintech platform covering banking, accounting, tax filing, etc.
  • Through funding rounds in 2021 and 2024, Ageras accumulated substantial capital for acquisitions and has acquired several companies in the fintech space.

Ageras's Expansion Strategy:

  • Ageras aims to create a portfolio of companies offering complementary products in the European fintech market.
  • Acquisitions like Kontist, Tellow, and Shine provide similar services such as IBAN and card issuance, invoicing, tax reminders, and accounting exports.
  • By diversifying its offerings, Ageras seeks to penetrate various European markets where fintech remains fragmented.

Current Status:

  • Shine has over 100,000 customers, while Ageras serves 300,000 customers across Denmark, France, Germany, and the Netherlands.
  • Ageras reported €31.7 million in revenue in 2023.
  • The acquisition of Shine by Ageras is subject to regulatory approval and is expected to be finalized in the first half of 2025.

Conclusion:

  • Ageras plans to retain all Shine employees and operations post-acquisition, maintaining continuity for existing customers.
  • The acquisition signifies Ageras's strategic move to enhance its fintech portfolio and establish a stronger presence in the European market.

In summary, the acquisition of Shine by Ageras marks a significant development in the fintech sector, highlighting the growing trend of consolidation and expansion within the industry.

Read more