Societe Generale Acquires On-line Automobile Buying Platform Reezocar

One of many largest banks in France, Societe Generale, has acquired an internet automotive buying platform Reezocar.

Launched in 2014, Reezocar aids within the course of of buying and financing used automobiles in France in addition to elsewhere in Europe. The beginning-up presently studies 150 workers, has develop into a frontrunner within the on-line distribution of used automobiles with over 2 million guests per 30 days and a catalog of seven million automotive listings.

Societe Generale is boosting an current relationship whereas increasing the kind of providers it gives because it sees the potential for synergies with the Group’s companies.

Societe Generale will be capable of present financing in addition to insurance coverage to purchasers – through Societe Generale Assurances. The acquisition arrives two years after the acquisition of a stake by CGI Finance, a subsidiary of Societe Generale. Societe Normal says this can be a new step that accelerates the prevailing partnership and the potential for brand spanking new choices.

This transaction will permit Reezocar to additional enrich its service providing, significantly within the insurance coverage sector, by accessing modern options from Societe Generale Assurances, which Reezocar is eager to combine into its mannequin.

Reezocar will be capable of leverage Societe Generale Group’s international presence because it expands each in France and internationally.

Societe Generale claims to be the primary French financial institution to have acquired a Fintech in 2015 with Fiducéo, and extra not too long ago with Shine and Treezor. The acquisition is alleged to verify with its main function inside the ecosystem and its skill to collaborate with startups.

Claire Calmejane, Chief Innovation Officer of Societe Generale Group, issued the next assertion on the funding:

“Reezocar’s platform  enterprise mannequin, its modern positioning and the standard of its supply appealed to us as a result of it  strengthens our buyer relationship promise. Synergies with our completely different companies are quite a few and  permit us to go additional in our Open Banking technique.”

Laurent Potel, co-founder and CEO, and Vincent Deboeuf co-founder and CTO, of Reezocar, added:

“Reezocar’s mission is to simplify, safe, and streamline the shopper journey with the intention to supply the absolute best purchasing expertise. We’re proud to affix Societe Generale Group and to pool our know-how to proceed our growth. Tristan Pillon along with us and the entire Reezocar workforce are dedicated on this new stage in our historical past. Our ambition is to supply our prospects with an enhanced supply and to proceed our robust development.”