Société Générale is acquiring French startup Shine. Terms of the deal are undisclosed. According to a source, Shine is getting acquired for around €100 million in an all-cash deal (around $112.6 million).
The startup had previously raised €10.8 million ($12.2 million) in total from Daphni, Kima Ventures, XAnge and various business angels.
If you’re not familiar with Shine, the startup has been building a challenger bank for freelancers and small companies in France. It lets you create a business account, get a debit card and take care of some of the most boring administrative tasks.
For instance, Shine helps you incorporate your company and also lets you create invoices directly from the app. You can send a link to your client, you get a notification when your client opens the invoice and they can view your Shine IBAN directly on the invoice.
And because the invoicing tool is integrated with your business bank account, your invoices are automatically marked as paid in the app.
When it comes to receipts, you can also open a card transaction and attach a receipt to that transaction. This way, all accounting information remains in the same app. If you’re working with an accountant,