Fintech
Ageras acquires French fintech Shine from Société Générale
Danish accounting software fintech Ageras has entered into an exclusive agreement with Societe Generale to acquire Shine, a provider of banking and accounting software for SMEs.
Ageras this month recorded revenue growth of 53%, with sales of €31.7 million and its first profitable Ebitda of €1.2 million for 2023.
The results, combined with a recent 83 million euro financing roundset Ageras on a series of acquisitions, aiming to secure one or two “major acquisitions”.
The acquisition of Shine, which supports 100,000 small businesses in its home country, represents the Danish fintech’s largest acquisition to date and its eighth overall.
The deal expands Ageras’ position in France, a key market for the company since it entered 2021 with the acquisition of pan-European invoicing software Zervant.
Once completed, the addition of Shine’s banking product will allow Ageras to serve the entire lifecycle of French small businesses, from company formation to invoicing, accounting, daily banking and payments.
“This would be our largest and most significant acquisition to date, and would bring us closer to achieving our ambition of building the definitive financial center for small businesses across Europe,” says Rico Andersen, CEO of Ageras. “Once complete, the combination of Shine’s excellent banking product expertise with our extensive banking, accounting and business software, would enable us to provide a comprehensive offering of key financial solutions in France, mirroring our success in other key markets.”