French banking company Societe Generale has acquired fintech start-up Treezor, and aims to use the acquisition to support the development of other fintechs and neo-banks. Treezor already works with 30 licensed and unlicensed fintechs, and as an electronic money issuer will be used to speed up the release of products to customers. The deal is a major step for Société Générale in its efforts to expand into new areas such as digital currencies, blockchain technology, artificial intelligence, virtual currencies and cryptocurrencies.
French banking company Societe Generale has acquired fintech start-up Treezor, and aims to use the acquisition to support the development of other fintechs and neo-banks. Treezor already works with 30 licensed and unlicensed fintechs, and as an electronic money issuer will be used to speed up the release of products to customers. The fintech collaborated with clients to create a payment platform using application programming interfaces and processes up to EUR3bn ($3.48bn) annually.