Shares has accomplished the acquisition of 100% of Treezor from Société Générale, the businesses confirmed on 7 October 2026. The deal creates a mixed group with regulatory licences protecting digital cash, fee companies, funding companies and crypto-assets, supervised by the French ACPR and the AMF.
Benjamin Chemla, chief govt and co-founder of Shares Group, will lead the enlarged entity. Treezor will likely be run by Cédric Cassini, supported by Julien Mortuaire. The transaction value was not disclosed.
What all sides brings
Treezor, based in 2016 and authorised as an digital cash establishment by the ACPR, has processed greater than €145 billion in transaction quantity and issued over 8.5 million playing cards since inception. It holds principal membership of each Mastercard and Visa, and its regulatory passport covers 25 EU member states. The firm already generates near 70% of its income progress outdoors France, with on-the-ground operations in Germany, Italy and Spain.
Shares started in 2021 as a retail investing software earlier than increasing its regulated expertise to serve wealth managers, monetary establishments and worker financial savings suppliers. It has raised $90 million in complete funding from Valar Ventures, Singular, Global Founders Capital and Red Sea Ventures, and employs round 150 folks throughout France, the UK and Poland. Shares Financial Assets holds an ACPR-authorised funding agency licence and is registered as a crypto-asset service supplier underneath each the ACPR and the AMF.
Together the group intends to supply a modular, white-label infrastructure stack that covers the complete spectrum from present accounts and card issuance by to financial savings merchandise and funding portfolios, delivered by way of API to fintechs, corporates and monetary establishments.
“Transforming financial services in Europe requires infrastructure capable of covering the entire value chain, from accounts through to investment. This is the infrastructure we will now build together,” stated Chemla.
Market context and aggressive read-across
The deal lands at a significant second for European Banking-as-a-Service. The first wave of BaaS suppliers constructed their companies on accounts, playing cards and SEPA funds, however the industrial ceiling on that mannequin has grow to be seen: margins on commodity fee flows are skinny, and a number of other established platforms have confronted regulatory scrutiny over the governance of their consumer onboarding and AML controls. The stress is pushing the extra bold gamers to both deepen their product set or consolidate with complementary capabilities.
Combining fee infrastructure with funding and financial savings rails shouldn’t be a typical transfer. Most BaaS suppliers associate with a wealthtech or financial savings platform by an API integration fairly than bringing each inside a single regulatory perimeter. Shares and Treezor are betting that proudly owning the complete stack reduces friction for institutional purchasers and creates a stickier, higher-value relationship than a point-solution sale.
The regulatory dimension issues right here too. Operating underneath MiCA for crypto-asset companies, DORA for operational resilience, and MiFID II for funding merchandise concurrently is a compliance overhead that smaller entrants wrestle to hold. For purchasers similar to banks, insurers and enormous fintechs that want a completely licensed and auditable associate, that multi-licence place might be a real differentiator.
The near-term milestones to look at are the tempo at which the mixed product catalogue is unified, whether or not Treezor’s current institutional purchasers undertake the funding and financial savings modules, and whether or not the group pursues additional European licences or acquires further capabilities to increase its geographic attain past its present four-country footprint.
AI degree 1 of 5: written by Darlyn Ho; AI helped with tone, construction or wording; edited and signed off by Mark Walker, Editorial Director. What the levels mean
