Societe Generale is to purchase a majority stake in FinTech PayXpert.
Societe Generale and PayXpert plan to offer services to online merchants including payments, financing and insurance solutions.
The French bank has not disclosed the value of the deal but says the purchase will allow it to broaden its offering for retail and online merchants throughout Europe.
London-headquartered PayXpert was founded in 2009 and offers payment acceptance services for both card and other payments methods such as apps and QR codes. It has partnerships for processing payments with firms including Visa, Mastercard, Cartes Bancaires, WeChat Pay, and Alipay.
The company says these partnerships support consumer payments from more than 170 countries and in over 150 currencies.
Commenting on the news Aurore Gaspar Colson, deputy head of Societe Generale retail banking in France, said: “The acquisition of PayXpert would enhance our payment solutions offering by providing increasingly comprehensive and innovative services to our retail and online merchants. 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.”
The deal is subject to approval from the relevant authorities.
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