Societe Generale to acquire PayXpert
Financial services group Societe Generale signed an agreement to acquire a majority stake in PayXpert, a London-based provider of payment processing solutions.
The acquisition would allow Societe Generale to broaden its offering for retail and online merchants and to pursue its ambition to be a leader in payment acceptance in Europe.
Since its inception in 2009, PayXpert has offered payment acceptance services for both card and alternative payment methods, locally and internationally. PayXpert is also a Payment Institution enabling it to process payments and receive funds from those payments for European merchants. It has partnerships for processing payments across national and local networks – including Visa, Mastercard, Cartes Bancaires, WeChat Pay, and Alipay – to support consumer payments from more than 170 countries and in over 150 currencies.
“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.” – Aurore Gaspar Colson, deputy head of Societe Generale Retail Banking in France.
“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.” – Nicolas Riegert, founder and CEO of PayXpert.
The execution of the transaction remains subject to the approval of the relevant authorities. It would not have a material impact on the Core Tier 1 ratio of Societe Generale group.