On 7 October 2026, a joint announcement from both parties confirmed that Treezor had passed fully into Shares' ownership, with Société Générale relinquishing its entire stake in the transaction. Through the transaction, a single combined entity takes shape — one holding authorisation across four regulated areas (electronic money, payment services, investment services, and crypto-assets) and answering to both the French ACPR and the AMF for oversight.
Heading up the combined organisation will be Benjamin Chemla, who co-founded Shares Group and holds the position of chief executive. Leadership of Treezor passes to Cédric Cassini, with Julien Mortuaire alongside him in a supporting capacity. No financial terms were made public.
Established in 2016 and holding electronic money institution authorisation from the ACPR, Treezor had by that point routed upwards of €145 billion through its payment infrastructure and put more than 8.5 million cards into circulation. Principal membership in both Mastercard and Visa is held by the organisation, whose regulatory passport extends across 25 of the European Union's member states. Roughly 70 per cent of the company's revenue growth now flows from markets beyond France, backed by established operations across Germany, Italy, and Spain.
Founded in 2021 as a platform aimed at everyday retail investors, the company has since extended its licensed technology to wealth managers, financial institutions, and providers of employee savings products. Backing from Valar Ventures, Singular, Global Founders Capital, and Red Sea Ventures has brought the company's total capital raised to $90 million, with a workforce of roughly 150 staff spread across offices in France, the UK, and Poland. Operating under an investment firm licence granted by the ACPR, Shares Financial Assets also carries crypto-asset service provider registration with both that authority and the AMF.
The coalition's stated plan centres on building a modular, white-label technology layer spanning the breadth of financial products — from everyday current accounts and card issuance to savings vehicles and investment portfolios — made accessible to fintechs, corporates, and financial institutions through an API-based delivery model, with a spokesperson noting that reshaping European financial services would depend on infrastructure capable of bridging the full chain from basic accounts through to investment products. Chemla described the undertaking as infrastructure that would take shape through collective effort.
The transaction lands within a period of change for Banking-as-a-Service across Europe. Early BaaS platforms built their revenue foundations on accounts, cards, and SEPA payment flows, yet the earnings potential of that approach has run into a natural ceiling — payment processing on commodity rails generates thin margins, and a number of those established operators have drawn regulatory attention over how they governed client onboarding and anti-money-laundering controls.
Those operating at the top end of the market face a choice between broadening their offerings or joining forces with businesses that fill gaps in their own portfolios. Bundling the rails for payments alongside those for investments and savings into a single platform remains a path few financial firms have taken. Connecting a wealthtech or savings platform to a banking-as-a-service provider through an API link is the arrangement most commonly adopted, keeping the two operations under separate regulatory umbrellas rather than folding them into one shared compliance framework.
Together, Shares and Treezor are presenting the merged entity to the market on the argument that end-to-end technology ownership strips out friction for institutional buyers and builds a deeper commercial relationship than selling a single-point product would allow. Navigating the concurrent requirements of MiCA on crypto-asset services, DORA on operational resilience, and MiFID II on investment products places a regulatory burden that firms with limited resources may find difficult to absorb. Regulated institutions such as banks, insurers, and established fintechs — organisations where full licensing and audit trails are non-negotiable — are pointed toward that multi-licence standing as something that sets the firm apart from rivals.
Three benchmarks will shape how the combined entity performs in the near term: how quickly the merged product range is brought under a single catalogue, whether Treezor's established institutional client base takes up the investment and savings offerings, and whether the group moves to secure additional European regulatory authorisations or brings in new capabilities to push its operational presence beyond the four countries it currently serves.
