It’s not a surprise, but the announcement still sounds like a bolt from the blue in the cozy world of European fintech. Shine leaves the Société Générale group to join Agerasa Danish company specializing in accounting and administrative automation tools.
This strategic operation draws the contours of a new European juggernaut in corporate financial services, with more than 300,000 customers in its portfolio.
The story might seem banal – another startup going under a foreign flag – but it is anything but ordinary. On the one hand, Ageras, a Nordic phoenix born in 2012 from the brains of Rico Andersen and Martin Hegelund, was able to raise more than 200 million euros from renowned investors such as Investcorp and Luxor Capital. On the other hand, Shine, a French gem launched in 2018, has revolutionized banking services for entrepreneurs with its 100% digital approach and its multi-awarded customer service.
A marriage of convenience
The marriage between these two actors is more than a financial transaction even if SG seemed impatient to say goodbye to Shine. Regardless, this strategic alliance combines Ageras’ expertise in accounting automation and administrative tools with Shine’s banking know-how.
“We built Ageras to enable success for small businesses everywhere, and that includes constantly developing and expanding our service offering in all markets”explains Rico Andersen, CEO and co-founder of Ageras.
This association intervenes in a particularly dynamic context for the French SME market. With its 4.2 million small and medium-sized businesses, an increase of 7.7% between 2020 and 2022, France represents an important playing field for the group’s European ambitions.
New European champion
The ambition of the Ageras-Shine couple does not stop at the French borders. Thanks to the payment institution license obtained with this acquisition, Ageras can now calmly consider its pan-European expansion. Jean-Baptiste Sciandra, CEO of Shine, does not hide his enthusiasm:
Entrepreneurs need more simplicity in a highly regulated environment. Joining Ageras is obvious. Together, we will be able to offer a complete and ultra-modern solution that simplifies the daily life of entrepreneurs, not only in France, but throughout Europe.
This merger promises to shake up the European fintech landscape in 2025, with an integrated offer combining banking services, automated accounting and administrative tools.
This attractive promise for entrepreneurs, who still spend too much time on their administrative tasks, is not new. The giant Qonto already offers a complete solution which has enabled it to attract 500,000 entrepreneur customers. Shine will therefore have to be smart and competitive to continue its growth.
- Danish fintech Ageras obtains authorization to acquire Shine from Société Générale
- The merger creates a major player in banking for professionals with more than 300,000 customers and a European banking license
- The objective: to deploy a complete range of financial and administrative services for SMEs on a European scale
