Crédit Agricole acquires majority stake in fintech expert Linxo
Upon completion of the transaction, the Crédit Agricole Group will own more than 85% of Linxo Group.
Crédit Agricole Group has earlier today announced the acquisition of a majority stake in fintech expert Linxo Group.
Upon completion of the transaction, the Crédit Agricole Group will own more than 85% of Linxo Group. The acquisition will be led by Crédit Agricole Payment Services and by FIRECA (Fonds d’Investissement et de REcherche du Crédit Agricole), a long-standing partner of Linxo Group. The remaining capital will continue to be held by the directors and founders, who will be involved in the company’s development.
The transaction is subject to the regulatory approval from the French Prudential Supervisory and Resolution Authority (ACPR).
The deal is set to enable Crédit Agricole to consolidate its leading position in digital payment services. As part of the Crédit Agricole Group Project, payments are to be a key driver of customer retention and acquisition.
Linxo Group was founded in 2010 and is the French market leader in bank data aggregation and payment initiation (new services regulated by the second Payment Services Directive – DSP2 – since January 2018). The fintech player provides API (Application Program Interface) “bricks” and complete white label apps for banking and insurance start-ups.
A long-standing partner of Crédit Agricole, Linxo Group offers the Group’s banks an account aggregation solution via their banking apps (Crédit Agricole – Ma Banque, LCL – Mes Comptes, etc.). With the support of Crédit Agricole, Linxo Group will have the backing of a top European banking group and a leader in France, which will enable it to continue its growth and step up its development in the banking sector.
Also, by combining the Bank’s know-how with Linxo Group’s technological expertise and capabilities, this transaction creates opportunities for new digital and innovation services based on financial data for the retail, professional and corporate customers of Crédit Agricole.