Société Générale to Sell Neobank Shine to Ageras

Société Générale has announced the sale of Shine, its freelancer and small business-focused neobank, to Danish fintech company Ageras. This move comes four years after the French banking giant acquired a majority stake in Shine in 2020, aiming to strengthen its position in the neobanking market through its Banking-as-a-Service (BaaS) subsidiary, Treezor.

During Société Générale’s ownership, Shine’s customer base and employee numbers doubled, and its revenues tripled. Despite this growth, Société Générale sought a buyer for Shine amid a downturn in France’s retail and online banking market, as reported by Les Echos in January.

The acquisition by Investcorp-backed Ageras, for an undisclosed sum, aligns with its strategy to make significant acquisitions ahead of a potential IPO in 2026. The deal will integrate Shine’s banking products, including business accounts, debit cards, and a co-pilot solution, with Ageras’ accounting, banking, and business software solutions. This merger is expected to increase Ageras’ customer base by over 100,000.

Ageras CEO Rico Andersen described the acquisition as the company’s “largest and most significant,” stating that it will enable Ageras to offer a comprehensive suite of financial solutions in France and move closer to its goal of creating a leading financial hub for small businesses across Europe.

The acquisition, Ageras’ eighth, is subject to standard social procedures, suspensive conditions, and approval from relevant financial and regulatory authorities. The deal is expected to close in the first half of 2025.