Shares has completed the acquisition of 100% of Treezor from Société Générale, the companies confirmed on 7 October 2026. The deal creates a combined group with regulatory licences covering electronic money, payment services, investment services and crypto-assets, supervised by the French ACPR and the AMF.
Benjamin Chemla, chief executive and co-founder of Shares Group, will lead the enlarged entity. Treezor will be run by Cédric Cassini, supported by Julien Mortuaire. The transaction price was not disclosed.
What each side brings
Treezor, founded in 2016 and authorised as an electronic money institution by the ACPR, has processed more than €145 billion in transaction volume and issued over 8.5 million cards since inception. It holds principal membership of both Mastercard and Visa, and its regulatory passport covers 25 EU member states. The company already generates close to 70% of its revenue growth outside France, with on-the-ground operations in Germany, Italy and Spain.
Shares began in 2021 as a retail investing application before expanding its regulated technology to serve wealth managers, financial institutions and employee savings providers. It has raised $90 million in total funding from Valar Ventures, Singular, Global Founders Capital and Red Sea Ventures, and employs around 150 people across France, the UK and Poland. Shares Financial Assets holds an ACPR-authorised investment firm licence and is registered as a crypto-asset service provider under both the ACPR and the AMF.
Together the group intends to offer a modular, white-label infrastructure stack that covers the full spectrum from current accounts and card issuance through to savings products and investment portfolios, delivered via API to fintechs, corporates and financial institutions.
“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,” said Chemla.
Market context and competitive read-across
The deal lands at a meaningful moment for European Banking-as-a-Service. The first wave of BaaS providers built their businesses on accounts, cards and SEPA payments, but the commercial ceiling on that model has become visible: margins on commodity payment flows are thin, and several established platforms have faced regulatory scrutiny over the governance of their client onboarding and AML controls. The pressure is pushing the more ambitious players to either deepen their product set or consolidate with complementary capabilities.
Combining payment infrastructure with investment and savings rails is not a common move. Most BaaS providers partner with a wealthtech or savings platform through an API integration rather than bringing both inside a single regulatory perimeter. Shares and Treezor are betting that owning the full stack reduces friction for institutional clients and creates a stickier, higher-value relationship than a point-solution sale.
The regulatory dimension matters here too. Operating under MiCA for crypto-asset services, DORA for operational resilience, and MiFID II for investment products simultaneously is a compliance overhead that smaller entrants struggle to carry. For clients such as banks, insurers and large fintechs that need a fully licensed and auditable partner, that multi-licence position could be a genuine differentiator.
The near-term milestones to watch are the pace at which the combined product catalogue is unified, whether Treezor’s existing institutional clients adopt the investment and savings modules, and whether the group pursues further European licences or acquires additional capabilities to extend its geographic reach beyond its current four-country footprint.
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