Ageras secures approval to acquire Shine

As part of the deal, made through a divestment transaction by Societe Generale in June 2024, Ageras is set to annex all activities conducted by Shine, including employees of the organisation enabling the Danish-founded fintech to scale its footprint in France. Back in the summer of 2024, Ageras teamed up with Societe Generale to acquire Shine and become a European provider of banking and accounting software for small and medium-sized enterprises (SMEs). The move was in line with Ageras’ strategic plan, announced with the raise of EUR 82 million in April 2024.

Ageras’ acquisition of Shine

By moving forward with this deal, Ageras is set to expand its services in France, while also benefiting from the ability to offer bank accounts and payment services under its own licence. In turn, Shine’s services could reach Ageras’ home markets as part of the Danish fintech platform’s pan-European development plans in 2025 and beyond. Representatives from Ageras commented on the announcement, mentioning their company’s commitment to assisting small businesses in growing their operations, with it constantly working on developing and scaling its platform’s offering across all markets. Additionally, by merging Shine’s banking knowledge and presence in France with the capabilities of Ageras’ platform, the fintech company intends to further scale its reach and better support its clients. Ageras also plans to deliver Shine’s solutions in current, as well as new markets in upcoming years.

Moreover, since the start of its operations in 2012, Ageras has been centring its efforts on providing accounting automation, financial forecasting, administrative and tax reporting capabilities, as well as connecting businesses with accountants. By obtaining this new banking expertise through Shine, the company is set to serve over 300,000 customers. The acquisition of Shine represents the largest one so far for Ageras and comes over two years after the company acquired Kontist. At that time, no information regarding the purchase price was released, however, Ageras planned to pursue a buy-and-build strategy to create a finance ecosystem around accounting, banking, and admin capabilities for small businesses in Europe and the US.