French financial conglomerate Societe Generale has bought local fintech startup Shine, Bloomchain.ru reports.

The terms of the deal have not been disclosed, but a source has told TechCrunch that the deak will be conducted in several tranches, the total amount of which makes around EUR 100 million. Additionally, the startup founders will receive bonuses if the company meets target indicators in the next few years.

Shine is a neobank that mostly services freelancers and small French companies. It allows the clients to create business accounts and get debit cards and automates certain routine processes. For instance, Shine makes it easier to register a company and enables the users to create invoices directly in the app.

Shine serves over 70,000 freelancers and small companies. The neobank is built on Treezor banking platform, but with time Shine will need its own infrastructure, which requires large investment. According to the neobank’s statement, that was the reason Shine decided to join Societe Generale, which bought out Treezor a few years ago.

Shine will operate independently from the conglomerate and retain its managers.

The new partners can convert clients: Societe Generale will suggest Shine to its corporate clients and the neobank will advise freelancers, who have established companies, to open accounts in Societe Generale.

Shine will also use the partner’s banking license and take on board some of its loan products. For instance, Shine clients will be able to establish a credit line in Societe Generale.

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