In 2020, as part of its effort to make a name for itself in the neobanking sector, the French financial behemoth first purchased a controlling share in Shine, utilizing its Banking-as-a-Service (BaaS) subsidiary Treezor to fuel its operations.

It says that in the four years that have passed, sales have tripled and Shine's customer and employment base have doubled.

However, in the midst of a prolonged slump in France's retail and online banking sector, it became clear in January of this year that the firm was looking for a buyer for Shine, as Les Echos first reported.

With the acquisition of Neobank, Investcorp-backed Ageras has fulfilled its commitment from last week to carry out “1-2 major acquisitions before a potential IPO in 2026” for an undisclosed amount.

Through the agreement, Ageras' accounting, banking, and business software solutions will be combined with all of Shine's banking products, including business accounts, debit cards, and a co-pilot solution. Shine will also gain over 100,000 new customers.

Rico Andersen, CEO of Ageras, calls the acquisition "our largest and most significant" and notes that it will "move us closer to achieving our ambition of building the ultimate financial hub for small businesses across Europe" in addition to "enabling us to deliver a complete offering of key financial solutions in France."

The eighth acquisition by Ageras is anticipated to conclude "in the first half of 2025," subject to standard suspensive conditions, necessary social processes, and regulatory and financial authority clearance.