With the French banking regulator ACPR's approval, Ageras not only completes its takeover of Shine from Société Générale, but obtains a crucial payment institution license that could see expansion of the French business banking platform to Ageras' home markets and beyond as part of the Danish fintech's pan-European expansion plans, says CEO.
COPENHAGEN, Denmark, Dec. 11, 2024 /PRNewswire/ -- Ageras, a leading fintech platform for accounting software, business banking and admin tools in Europe, has received final approval by the French banking regulator ACPR to complete its acquisition of Shine, the French business banking platform, in a divestment transaction by banking institution Société Générale announced in June, 2024 that is already spelling a momentous leap ahead for Ageras in France. Yet, the important approval and opportunity to provide bank accounts and payment services under its own license also spells a unique opportunity that could see the expansion of Shine's services to Ageras' home markets and beyond as part of the Danish fintech platform's pan-European expansion plans in 2025 and onwards, says CEO:
"We built Ageras to enable success for small businesses everywhere, and this includes constantly developing and expanding our platform's service offering across all markets. From different countries, we have shared that same mission and it's time to join forces: Combining Shine's banking expertise and presence in France with the strength of Ageras' platform makes us bigger, broader and more competitive than ever. We also hope to bring Shine to familiar shores and new markets in the coming years as well", says Rico Andersen, CEO and Co-Founder of Ageras.
"Entrepreneurs need more simplicity in a heavily regulated environment. They want to save time and are looking for interconnected products. Joining Ageras is a no-brainer. Together we will be able to offer a state-of-the-art, comprehensive solution that simplifies the daily life of entrepreneurs, not only in France, but throughout Europe. We are excited to begin this international chapter", adds Jean-Baptiste Sciandra, CEO of Shine.
A pan-European champion to support SME ambitions everywhere
Founded in 2012 by Rico Andersen and Martin Hegelund, Ageras has already raised over €200 million and is backed in its acquisition strategy by major global investors, including Investcorp, Luxor Capital, Rabobank and Lazard. Praised for its accounting automation, financial forecasting, administrative and tax reporting features or even connecting businesses with accountants, Ageras acquires a new banking expertise with Shine. Together, they will serve more than 300,000 customers.
"This is our largest and most transformative acquisition so far. Shine is an expert at managing the daily banking needs of entrepreneurs while we have a sharp understanding of their administrative, accounting, and financial challenges. Together, we'll enable SME owners to run their business to success, ideally spending zero minutes on administration", explains Rico Andersen.
Shining over the French market
Ageras takes over all the activities operated by Shine, including all employees of the entity which allows the Danish-founded fintech to expand its foothold in France, a core market that keeps growing. The country has approximately 4.2 million SMEs. Their numbers increased by 7.7% between 2020 and 2022 and approximately doubled from 2012 to 2022 (source: OECD).
"Shine is a reference for online business accounts, renowned for its stellar customer support. We are looking forward to delivering a complete offering of key financial solutions in France, mirroring our success in other core markets", says Rico Andersen, CEO of Ageras.
"Shine's entire team continues its mission. Only on a different scale - that of Europe. We are thrilled knowing our customers will soon benefit from Ageras' software" says Jean-Baptiste Sciandra, CEO of Shine.
About Ageras
Ageras was founded in 2012 by serial entrepreneurs Rico Andersen and Martin Hegelund, who together have over 30 years of experience building internet businesses. Ageras' vision is to create success for small businesses by simplifying their administration. By integrating its solutions into a single platform for invoicing, accounting, payroll, banking and financing, it enables business owners to focus on running their business. The company's investors include Investcorp, Rabo Frontier Ventures (Rabobank) and Lugard Road Capital (Luxor Capital), Folketrygdfondet and Lazard.
For more information, please visit www.ageras.com
About Shine
Launched in 2018, Shine offers a 100% online business account for companies and freelancers. More than just a business banking platform, Shine is a true partner that supports entrepreneurs on a daily basis. It is renowned for its stellar customer support, awarded "Best customer service in the business banking category" by ESCDA in 2024 and 2025. Shine also received the B Corp certification in 2020, recognizing companies that meet high social and environmental standards.
For more information, visit www.shine.fr
Press contact:
Marine Bryszkowski
press@ageras.com
+33 06 66 29 16 98
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