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Societe Generale acquires majority stake in PayXpert

Monday 3 October 2022 13:59 CET | News

France-based Societe Generale has signed an agreement to acquire a majority stake in the fintech PayXpert, allowing the bank to broaden its offering for retail and online merchants.

PayXpert, a fintech specialised in payment services, offers retail and online merchants secure solutions for accepting customer payments both in-store and remotely, and for all payment methods (card, mobile applications, QR code, etc.).

With this transaction, Societe Generale would add to the payment experience to offer a more comprehensive and innovative service on the market, by developing its omnichannel commerce solutions in Europe.

Together, Societe Generale and PayXpert would contribute to developing retail and online merchants’ business by offering them differentiating and value-added services encompassing payments and complementary services such as financing and insurance solutions. Societe Generale currently provides both online and in-store payment solutions.

Details about the companies

Since its creation in 2009, PayXpert has offered payment acceptance services for both card and alternative payment methods, locally and internationally, as well as complementary value-added services across multiple channels - including solutions that cater to blind and visually impaired customers. Innovation and payments accessibility to all is a core component of PayXpert’s strategy, which wants to build a simple, personalised, and inclusive services ecosystem and payments experience.

France-based Societe Generale has signed an agreement to acquire a majority stake in the fintech PayXpert, allowing the bank to broaden its offering for retail and online merchants.

 

PayXpert is also a Payment Institution enabling it to process payments and receive funds from those payments for European merchants. The fintech has partnerships for processing payments across national and local networks - including Visa, Mastercard, Cartes Bancaires, WeChat Pay, and Alipay - to support consumer payments from 170+ countries and  in 150+ currencies. 

Benefits of the acquisition

Drawing on Societe Generale’s networks and subsidiaries in France and across Europe, PayXpert would pursue its geographic expansion to serve more merchants with a broader range of integrated services. Societe Generale’s support would allow PayXpert to accelerate its technological and commercial developments.

Societe Generale’s experience in merchant acquiring and its expertise in specialised financial services would deepen PayXpert’s offering. Societe Generale’s and PayXpert’s merchant clients would benefit from additional payments, financing, and insurance solutions to address a wider range of customer needs and optimise sales as a result. The execution of the transaction remains subject to the approval of the relevant authorities.

Societe Generale’s cloud partnerships

In the summer of 2022, the bank partnered Kyriba, a cloud-based finance and IT solutions provider, to launch a new treasury management solution. The solution includes payment automation and fraud management functionalities and is dedicated to the bank’s corporate clients and their subsidiaries. Hosted in the cloud, the solution is based on Kyriba’s platform and distributed by Societe Generale.

Back in May, Societe Generale chose Intellect Global Transaction Banking (iGTB) Liquidity Management Solution to offer its corporate clients a way to optimise liquidity, while unleashing trapped cash.

iGTB's Liquidity Management Solution is a cloud native liquidity management platform that includes capabilities such as cash sweeping, notional pooling, intercompany lending, investment sweeps, fund NAV (Net Asset Value) processing, and cash control.

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Keywords: partnership, acquisition, cloud banking, fintech, digital banking
Categories: Banking & Fintech
Companies: PayXpert, Societe Generale
Countries: World
This article is part of category

Banking & Fintech

PayXpert

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Societe Generale

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Discover all the Company news on PayXpert and other articles related to PayXpert in The Paypers News, Reports, and insights on the payments and fintech industry:
Discover all the Company news on Societe Generale and other articles related to Societe Generale in The Paypers News, Reports, and insights on the payments and fintech industry: