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, cost providers, funding providers 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 shall be run by Cédric Cassini, supported by Julien Mortuaire. The transaction value was not disclosed.
What both 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 development exterior France, with on-the-ground operations in Germany, Italy and Spain.
Shares started in 2021 as a retail investing utility earlier than increasing its regulated expertise to serve wealth managers, monetary establishments and worker financial savings suppliers. It has raised $90 million in whole 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 beneath each the ACPR and the AMF.
Together the group intends to supply a modular, white-label infrastructure stack that covers the total spectrum from present accounts and card issuance by way of 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,” mentioned 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 business ceiling on that mannequin has develop into seen: margins on commodity cost flows are skinny, and several 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 cost infrastructure with funding and financial savings rails shouldn’t be a typical transfer. Most BaaS suppliers accomplice with a wealthtech or financial savings platform by way of an API integration reasonably than bringing each inside a single regulatory perimeter. Shares and Treezor are betting that proudly owning the total 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 beneath MiCA for crypto-asset providers, DORA for operational resilience, and MiFID II for funding merchandise concurrently is a compliance overhead that smaller entrants battle to hold. For purchasers reminiscent of banks, insurers and enormous fintechs that want a totally licensed and auditable accomplice, 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 stage 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
