Societe Generale will widen its products for retail and online merchants with the new acquisition. Credit: Rock Staar on Unsplash.

French banking group Societe Generale has reached a deal to purchase a majority stake in fintech company PayXpert for an undisclosed sum.

Founded in 2009, PayXpert specialises in payment services. The firm provides solutions for accepting consumer payments safely.

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Its payment acceptance services include both in-store and online solutions as well as alternative payment methods such as card, mobile applications, QR code, among others.

In addition, PayXpert provides a range of value-added services that include solutions for blind and visually impaired consumers.

PayXpert has alliances for processing payments across various networks such as Visa, Mastercard, Cartes Bancaires, WeChat Pay, and Alipay.

These alliances promote consumer payments in over 170 countries and in more than 150 currencies.

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With the latest deal, Societe Generale seeks to widen its existing products for retail and online merchants.

The bank will also be able to augment its omnichannel commerce solutions in Europe.

Furthermore, the new deal will allow Societe Generale to tap the ongoing changes in consumer behaviours including buy-now-pay-later (BNPL), integrated insurance services, innovative technologies etc.

Following the acquisition, PayXpert will be able to expand its presence with the help of Societe Generale’s networks and subsidiaries in France and throughout Europe.

PayXpert will also be able to speed up its technological and commercial improvements.

Merchants associated with both the companies will receive new payments, financing and insurance solutions to meet customer demands and subsequently increase sales.

Completion of the latest deal requires approval from relevant authorities. The deal will not have a material impact on the Core Tier 1 ratio of the bank.

Societe Generale deputy head of retail banking in France Aurore Gaspar Colson said: “The acquisition of PayXpert would enhance our payment solutions offering by providing increasingly comprehensive and innovative services to our retail and online merchants.

“It reflects our determination to maintain an integrated approach to payments and is consistent with Societe Generale’s long-standing and innovative policy of cooperation with fintechs.”