The acquisition by Societe Generale is expected to support Reezocar in speeding up its development in France and internationally

Societe Generale

Societe Generale acquires French used car selling platform. (Credit: Unsplash/Parker Gibbs.)

Societe Generale has acquired Reezocar, a Paris-based online platform to sell used cars to individuals, for an undisclosed amount.

The acquisition is expected to strengthen Reezocar’s offering in the areas of financing and insurance options and also accelerate its growth in France and internationally and pursue commercial partnerships with the bank’s businesses.

As a motorist services platform, Reezocar offer an end-to-end digital journey, starting from research to vehicle delivery. Established six years ago, Reezocar offers a catalogue of 7 million vehicle listings in France and Europe.

It also claims to have a constant growth in the number of monthly visits on its platform from one million in 2018 to over two million currently.

For Societe Generale, the transaction reflects its ability to support profound changes in automotive and financial services and to offer new services to its customers.

Societe Generale Group chief innovation officer Claire Calmejane said: “Reezocar’s platform business model, its innovative positioning and the quality of its offer appealed to us because it strengthens our customer relationship promise.

“Synergies with our different businesses are numerous and allow us to go further in our Open Banking strategy.”

The deal follows the acquisition of stake by Societe Generale in CGI Finance, an independent car dealer, two years ago and is expected to be a new step in accelerating its existing partnership with a potential for synergies with the group’s businesses.

Societe Generale said that the acquisition of Reezocar confirms its key role within the ecosystem and its ability to collaborate with startups.

In addition, it claims to be the first French bank to have acquired a fintech in 2015

In July, this year, the French investment bank acquired Shine, a neobank for entrepreneurs.

Launched in 2018, the French neobank is said to cater to more than 70,000 entrepreneurs. The challenger bank provides a 100% online business account to self-employed and small businesses.