Société Générale has announced the acquisition of Reezocar, a French platform specialised in the online sale of used cars.
Reezocar claims to be an entirely digital model, where users can find and buy a car in an “end-to-end” journey.
The start-up, founded in 2014, offers a catalogue of seven million vehicle listings in France and Europe. It says two million people visit its website every month.
SocGen says its acquisition will furnish the firm with an acceleration of its financing and insurance capabilities.
The bank already owed a stake in Reezocar through its subsidiary CGI Finance.
Claire Calmejane, chief innovation officer at SocGen, says Reezocar’s platform business model appealed to the bank.
She adds that the start-up’s “innovative positioning” and the quality of its offering also factored into SocGen’s decision.
The bank says Reezocar will play a major role within its ecosystem and its ability to collaborate with start-ups.
“Reezocar’s mission is to simplify, secure and streamline the customer journey,” says Reezocar’s Laurent Potel, co-founder and CEO.
“We are proud to join Société Générale Group and to pool our know-how to continue our development.
“Our ambition is to provide our customers with an enhanced offer and to continue our strong growth.”
Reezocar is the second acquisition of a fintech by SocGen this year. In July the bank snapped up French challenger bank Shine.
Shine offers tailored accounts and debit cards for freelancers and small businesses. According to TechCrunch the bank may pay as much as €100 million for it by the end of the acquisition.