Created to make the lives of the self-employed and small businesses easier, „Shine rapidly became a leading neobank, serving over 70,000 entrepreneurs, in just two years,” according to the press release.
Much more than a bank, Shine offers a 100% online business account as well as a « co-pilot » to support them with their administrative task (invoicing, calculation of charges, accounting simplification, etc.) and allow them to focus on their business and development.
The startup relies on the technological expertise of Treezor, a major supplier of solutions for Fintechs acquired by the Societe Generale group in 2018. Shine will continue to develop independently.
‘Through the acquisition of Shine, we will be able to offer entrepreneurs the widest offer in this growing, high-value market… There are many synergies with our various businesses allowing us to take our Open Banking strategy to the next level’, explained Marie-Christine Ducholet, Director of Societe Generale Retail Banking in France.
‘We created Shine to make the lives of entrepreneurs easier and allow them to concentrate on their business… This acquisition will provide entrepreneurs with a solution that is still simple but considerably enriched (credit, insurance, payment, etc.). We can’t wait to speed up the work that has been going on for two years!’ added Nicolas Reboud, CEO and co-founder of Shine.
Launched in 2018, Shine raised €10.8 million from Daphni, Kima Ventures, XAnge, and several business angels.
„Tendinţele pe care le-am remarcat înainte de începerea pandemiei s-au accelerat pe perioada stării de urgenţă. Am văzut acest lucru ca o oportunitate, un tipping point pentru bancă. Post-pandemie nu avem cum sa ne întoarcem la comportamentul financiar pe care îl aveam până în februarie a.c. Relaţia românilor cu online-ul s-a schimbat. In plus, cardul fizic se va dematerializa. Vom asista la o scădere a cererii pentru cardurile fizice, respectiv la o creştere a preferinţei pentru componenta digitală a acestora.”