Shares, a French fintech specialising in investment and savings, has completed the acquisition of 100% of the share capital of Treezor from Société Générale. The transaction follows the satisfaction of all conditions precedent, eight months after exclusive negotiations opened on 29 January 2026.
With more than €145 billion in transaction flows processed and 8.5 million cards issued since its creation, Treezor provides Shares with a regulated payments infrastructure operating in four European countries.
Analysis by the experts at Auris Finance, M&A and financial engineering advisory firm.
The transaction reverses the rationale that led Treezor into the banking fold. In 2018, Société Générale announced its acquisition in order to gain an agile infrastructure to serve its business lines. Eight years later, the bank is selling the asset to a fintech that is making it the foundation of its own development.
Treezor is one of the first French players in white-label banking services. Its clients, mainly fintechs, integrate account opening, identification, payment and card issuing functions directly into their products. For the end user, the service carries the client company’s brand; the regulated infrastructure remains Treezor’s.
Treezor in figures: €145 billion in flows and 8.5 million cards
Treezor is an electronic money institution licensed by the French Prudential Supervision and Resolution Authority (ACPR). Its licence is passported in 25 European Union countries. The company operates in France, Germany, Italy and Spain.
Volumes are growing. When negotiations opened in January 2026, Treezor reported more than €130 billion in flows processed and 8 million cards issued. At completion, in October, it reports more than €145 billion and 8.5 million respectively.
Shares, from investment app to financial infrastructure
Founded in 2021 and co-founded by Benjamin Chemla, Shares first launched an investment app for retail investors. The company has since repositioned itself towards business clients, providing a regulated investment and savings infrastructure.
The acquisition of Treezor accelerates this change of model. Under the supervision of the ACPR and the Autorité des marchés financiers, the new group brings together licences covering electronic money, payment services, investment services and crypto-assets.
Accounts, payments, savings, investment: an end-to-end offering
The new entity will offer businesses and financial institutions modular white-label financial services. In practice, a platform that already provides its users with an account and a card via Treezor will in future be able to offer them savings or investment products through a single provider.
“The completion of this acquisition marks the creation of a new group,” says Benjamin Chemla, Chief Executive Officer and co-founder of the Shares group. When negotiations opened, he set the objective of “building a solid and sustainable group, able to offer a complete range of financial solutions and to play a structuring role in the development of European digital finance”.
Société Générale refocuses its digital portfolio
For Société Générale, the sale is part of the strategic asset review undertaken by Slawomir Krupa since he took the helm of the group in 2023. It follows the sale of the neobank Shine to Ageras in 2024.
The strategic plan presented on 21 September 2026 sets out these choices. The group is targeting a return on tangible equity of 13 to 14% in 2029, then above 15% from 2030, compared with a target of around 11% for 2026. It is focusing its resources on its established positions, foremost among them BoursoBank: the online bank had 9.1 million clients at the end of June 2026 and is expected to exceed 14 million by the end of 2029. The exit from Treezor reduces accordingly the scope of digital activities the bank has to manage.
Renewed governance, a retained brand
Benjamin Chemla takes over as Chief Executive Officer of the Shares group. Treezor is now led by Cédric Cassini, previously the company’s Chief Revenue Officer, supported by Julien Mortuaire. “We are very pleased to begin this new phase alongside Benjamin and the Shares teams,” says Cédric Cassini.
Treezor retains its brand. The group has set itself a profitability target for 2027.
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