PARIS (dpa-AFX) - French lender Credit Agricole Group (CRARF, CDA.L, ACA) said Tuesday that it would acquire a majority stake in Linxo Group, led by Crédit Agricole Payment Services and FIRECA, to consolidate its position in digital payment services.
Upon completion of the transaction, Crédit Agricole will own more than 85 percent of Linxo Group, a leading fintech player in payment aggregation and initiation services in France. Linxo provides application program interface or API 'bricks' and complete white label apps for banking and insurance start-ups.
The remaining capital of Linxo Group will continue to be held by its directors and founders. The deal is subject to authorisation from the French Prudential Supervisory and Resolution Authority (ACPR).
Copyright RTT News/dpa-AFX