Shares completes Treezor buy from Société Générale
Shares completed its acquisition of Treezor from Société Générale. The price is undisclosed, and management is aiming for about €100 million of revenue in 2027.
Having tracked European banking-as-a-service (BaaS) consolidation, I do not treat the Treezor completion as part of the cycle in which banks bought the rails. Shares has completed the acquisition of 100% of Treezor from Société Générale, after every condition to close had been met, Treezor said in a notice published on October 6, 2026. No price appears there, or in the Agence France-Presse (AFP) account Capital ran on October 7.
The contrast that matters is geographic. Treezor's notice says close to 70% of its revenue growth now comes from outside France, where it has a presence in Italy, Spain and Germany. Capital reported that Shares still earns most of its revenue in France. The passport and the cards sit on one side. A domestic savings business that wants to travel sits on the other. That is not the exclusive talks Société Générale announced on January 29, 2026. Les Echos reported those talks as a negotiation still subject to authorisations, not as a sale that had closed.
What closed, and what did not
Gabriel Nédélec wrote in Les Echos on October 7 that Shares was completing the purchase of the bank's BaaS subsidiary, that Treezor would keep its own brand, and that a profitability aim for 2027 sat at group level. He tied the sale to the portfolio clean-up Slawomir Krupa has run since taking over Société Générale in 2023. The paper dates the bank's original purchase of Treezor to 2019, and in January said an exit had been sought since the start of 2025.
Benjamin Chemla, chief executive and co-founder of the Shares Group, will lead the combined group. Treezor will be led by Cédric Cassini, supported by Julien Mortuaire. Chemla said in the notice: "The completion of this acquisition marks the creation of a new group."
Figures the notices will defend
Alan Calvez, writing in Revue Banque on October 8, repeated the operating record in that notice. The firm has processed more than €145 billion in transaction flows and issued more than 8.5 million cards since it was founded in 2016. It is an electronic money institution authorised by the Autorité de contrôle prudentiel et de résolution (ACPR), passported across 25 EU member states, and a principal member of Mastercard and Visa. The 70% figure is revenue growth, not revenue already booked abroad.
Shares, founded in 2021, says it has raised $90 million from Valar Ventures, Singular, Global Founders Capital and Red Sea Ventures, and that about 150 people work in France, the UK and Poland. The group is supervised by the ACPR and the Autorité des marchés financiers (AMF). The notice lists permissions for electronic money, payment services, investment services and crypto-assets. Les Echos reported in January that Mastercard had taken a stake in Treezor in 2022.
Clients named, and clients silent
Revue Banque wrote that Treezor had accompanied Qonto, Lydia and Swile. Capital's AFP piece listed Qonto, Lydia Solutions and the neobank Shine. On January 29 Les Echos used Shine differently, as an earlier Société Générale disposal alongside Lumo. The completion pieces do not reconcile those references, and they quote none of those firms.
Cassini, general manager of Treezor, said: "This transaction marks a decisive step for Treezor, our teams and our clients." He thanked Société Générale's teams, plus André Gardella and Frédéric Delassalle. The seller has no statement of its own in the completion notice, in Capital, in Revue Banque or in the Les Echos report of the close.
The 2027 test
Chemla told AFP, Capital reported, that neither company is yet profitable. He aimed the group at profitability and about €100 million of revenue in 2027. Revue Banque reported that revenue ambition. He also cast the deal as a test of Treezor's commercial resources for a savings offer outside France, and said AXA had given Shares its entire collective-savings activity, a book he described as hundreds of thousands of people in France and billions in assets under administration.
A neobank buying the bank it already uses, as in Chime's deal for partner Stride Bank, brings the partner bank into the group. Stripe's agreement to buy Parafin is still an agreement, and it is embedded lending rather than an electronic-money passport. FIS's embedded-banking work keeps deposits on a bank balance sheet. Treezor's book is e-money under an ACPR passport moving to a savings group.
If Qonto, Lydia and Swile treat the new owner as a rival for savings distribution, the passport is a regulated asset tied to an unsettled client list. If they stay, Shares has the stack the notice describes, the Treezor brand stays, and 2027 asks two businesses that are not yet profitable to clear about €100 million and a profit in the same year. January opened exclusive talks. October is the close.
Reporting by Rick Steves. Filed 13 October 2026, 11:07 GMT.
Senior Reporter, Regulation and Fintech
Rick Steves has seen business and economics through many lenses. He joined the financial services industry in 2009, and has been a financial journalist since 2011.
