Société Générale is obtaining French start-up Shine. Regards to the deal are concealed. According to a source, Shine is getting obtained for around EUR100 million in
an all-cash offer( around$112.6 million). The start-up had formerly raised EUR10.8 million($ 12.2 million)in overall from Daphni
, Kima Ventures, XAnge and various business angels. If you’re not familiar with Shine, the start-up has been building a challenger bank for freelancers and small companies in France. It lets you develop an organisation account, get a debit card and take care of some of the most dull administrative jobs.
Shine assists you integrate your company and likewise lets you create billings directly from the app. You can send out a link to your customer, you get a notice when your client opens the billing and they can view your Shine IBAN straight on the billing.
And since the invoicing tool is integrated with your business savings account, your billings are instantly marked as paid in the app.
When it pertains to receipts, you can also open a card deal and attach a receipt to that deal. By doing this, all accounting information remains in the exact same app. If you’re dealing with an accounting professional, you can establish an automated export of transactions, invoices and receipts as soon as per month.
However the best feature of Shine is that it helps you remain on top of documentation. You get notifications to remind you that you need to pay your taxes, you can see how much cash will be left as soon as you paid your taxes and more.
And it’s been working well with 70,000 freelancers and really small business using Shine for their checking account. Shine is developed on top of Treezor, a banking-as-a-service business that provides financial services and debit cards to other fintech business. At this scale, it would make good sense for Shine to build its own facilities.
Shine has taken a different choice and is signing up with Société Générale, which also happens to be the business that acquired Treezor a few years ago.
Shine will operate individually from Société Générale and will still accept brand-new consumers– the 2 co-founders are remaining at the helm of Shine. The two business have strategies to cross-promote their respective offerings.
Société Générale might offer Shine to its business consumers. And as freelancers start working with other people and turn their little independent service into a full-fledged company, Shine might also inform its consumers to pick Société Générale for their organisation bank account.
Shine will likewise benefit from Société Générale’s banking license and items. As a Shine customer, you could image getting a line of credit from Société Générale. Having a banking giant behind you might greatly enhance Shine’s offering. Now, let’s see if Société Générale manages to increase the potential of Shine.
Article curated by RJ Shara from Source. RJ Shara is a Bay Area Radio Host (Radio Jockey) who talks about the startup ecosystem – entrepreneurs, investments, policies and more on her show The Silicon Dreams. The show streams on Radio Zindagi 1170AM on Mondays from 3.30 PM to 4 PM.