French multinational financial services company Société Générale announced Monday (Oct. 3) that it is to acquire a majority stake in PayXpert.
The final acquisition remains subject to the approval of the relevant authorities, according to a press release. Neither party has revealed the value of the deal.
Based in London, PayXpert offers a range of payment solutions for merchants, acquirers and other FinTechs. Together, Société Générale and PayXpert intend to develop services for physical and eCommerce retailers encompassing payments and complementary services such as financing and insurance solutions.
As a multinational finance and banking conglomerate, Société Générale has moved to incubate Europe’s wider FinTech ecosystem through a series of investments and strategic initiatives, including the “Payment & Transaction Banking Accelerator” earlier this year.
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With this acquisition, Société Générale said it will broaden its offering for retail and online merchants and pursue its ambition to be “a leading player in payment acceptance in Europe.”
For its part, PayXpert will be able to draw upon Société Générale’s networks and subsidiaries in France and across Europe to accelerate its geographic expansion and serve more businesses with a broader range of integrated services.
“The acquisition of PayXpert would enhance our payment solutions offering by providing increasingly comprehensive and innovative services to our retail and online merchants,” said Aurore Gaspar Colson, deputy head of Société Générale retail banking in France. “It reflects our determination to maintain an integrated approach to payments and is consistent with Societe Generale’s long-standing and innovative policy of cooperation with FinTechs.”
Nicolas Riegert, founder and CEO of PayXpert, added that “our shared vision, together with the synergy of the Societe Generale and PayXpert teams, would enable us to consolidate an innovative offering for merchants of all sizes.
“With a modular and multi-acquirer solution geared towards cross-border and omnichannel needs, the envisaged integration would position us as a first-choice player as new specialists enter the market.”
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