Credit Agricole Sa: Crédit Agricole Group takes a majority stake in Linxo Group
28 Januar 2020 - 8:00AM
Credit Agricole Sa: Crédit Agricole Group takes a majority stake in
Linxo Group
PRESS RELEASE
Montrouge, 28 January 2020
Crédit Agricole Group takes a majority
stake in Linxo Group,
a leading fintech player
in payment aggregation and initiation services in
France
This acquisition will 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.
Moreover, by combining the Bank’s know-how with
Linxo Group’s technological prowess, this transaction creates
opportunities for new digital and innovation services based on
financial data for the retail, professional and corporate customers
of Crédit Agricole.
When the transaction is complete, 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 pending
authorisation from the French Prudential Supervisory and Resolution
Authority (ACPR).
Bertrand Chevallier, CEO of Crédit Agricole
Payment Services, commented: “the acquisition of this major banking
aggregation player in France, a long-time partner of the Crédit
Agricole Group, is an important part of our strategic aim of
offering customers of the Group's banks innovative payment services
that meet the highest market standards. Moreover, it represents a
major contribution in terms of technology that will enable the
Group to take full advantage of the innovation opportunities
offered by changes in regulations”.Bruno Van Haetsdaele, President
of Linxo Group, added: “this transaction enables us to accelerate
and strengthen our services for the Crédit Agricole Group, while
giving us the opportunity to develop our offering in France and
internationally for our clients and prospects with Oxlin, our
ACPR-authorised payment institution, and to continue the
development of Linxo, one of France’s most popular personal
financial management apps”.
About Crédit Agricole Payment
ServicesCrédit Agricole Payment Services (CAPS) is the
Crédit Agricole Group’s payment services arm, with expertise in
marketing, innovation, and interbank processing and representation.
With a market share of close to 30%, CAPS is the leading payment
services player in France, processing more than 11 billion
transactions per year (cards, transfers, withdrawals and cheques –
both issued and received)).The provision of payment services is a
key activity for the Group’s banks. It is central to the customer
relationship and presents significant challenges in terms of
commercial, financial and tech activities. Crédit Agricole
Payment Services aim is to develop innovative services, combining
ease of use and security. With Crédit Agricole Payment Services,
the Crédit Agricole Group is making payments a key driver of
customer retention and acquisition.
About Linxo GroupFounded in
2010, Linxo Group develops and markets account aggregation, payment
initiation and personal finance management solutions.The platform
of its subsidiary, Oxlin – an ACPR-authorised payment institution –
provides all the technologies needed to access bank data and
initiate payments, with the agreement of the customer and in a
fully secure manner. It provides API (Application Program
Interface) “bricks” and complete white label apps for start-ups
across the banking and insurance industries. These solutions enable
new services and new sources of revenue to be developed for a range
of use cases: budget management, loan application processing,
accounting, customer retention, etc.Its Linxo mobile app, which has
more than 3 million users in France, is a smart personal finance
assistant that provides an overview of an individual’s finances and
simplifies budgeting.The company has 81 employees, based mainly in
Aix en Provence and the Crédit Agricole Villages in Paris and
Sophia Antipolis.
Press contacts
Nadège CARTEI (Crédit Agricole Payment Services
): 01.43.23.43.62 - nadege.cartei@ca-ps.comCharlotte de CHAVAGNAC
(Crédit Agricole SA): 01.57.72.11.17 -
charlotte.dechavagnac@credit-agricole-sa.frOlivier TASSAIN (Crédit
Agricole SA): 01.43.23.25.41 –
olivier.tassain@credit-agricole-sa.fr
- 2020 01 28 (GB) CAPS Linxo
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