Société Générale partners with Lemonway

Societe Generale has just announced a new partnership with Lemonway, a French FinTech that has become an ACPR-approved pan-European payment institution. The objective of this association is clear: for both partners, it is to provide payment services to large companies launching their B2B marketplaces in Western Europe. A market identified as having a future.

FACTS

• Lemonway offers a range of services particularly adapted to the needs of B2B marketplaces:

  • payment solutions,

  • an identity verification and payment account opening service,

  • a flow management solution for beneficiaries, according to regulatory standards. 

• It is this catalog that Lemonway will offer to the new B2B marketplaces operators, Société Générale's clients, within the framework of its partnership with the French bank.

• For its part, the French bank will bring the security of its cash management services. It also highlights the solidity of its group to highlight the relevance of its new offer carried in a joint manner with the FinTech. 

• The technical implementation of the partnership will soon be effective in eight European countries, namely France, Italy, Spain, Belgium, the Netherlands, the United Kingdom, Switzerland and Germany.

CHALLENGES

• A fast-growing market whose needs are still not well covered: According to the B2B Digital Payments Tracker, 80% of transactions between B2B buyers and suppliers could be made online by 2025.

• A combination of expertise: Lemonway offers a modular solution encompassing payment solutions and other strategic services capable of meeting the needs of marketplaces. For Societe Generale, as with all the major mergers signed between traditional and innovative players, this association represents a way to simply integrate a turnkey solution.

• Capitalizing on partners: Societe Generale had already underlined its particular interest in innovative start-ups by reissuing its Global Markets Incubator. Its partnership with Lemonway is part of this collaborative strategy with the most innovative players. Lemonway adds a new leading banking reference to its portfolio of partners, after BNP Paribas, Groupe BPCE and Barclays.

MARKET PERSPECTIVE

• This is not the first time Lemonway has relied on partnerships to evolve its offering. In 2021, the French FinTech signed a partnership with Tink, a leading European open banking platform. It also recently signed a partnership with Hokodo, a British Buy Now Pay Later (BNPL) B2B fintech, to offer new payment solutions to marketplaces.

• Since then, Lemonway has continued to grow in Europe and posted a turnover of 7.7 billion euros at the beginning of the year. Its merger with Société Générale should help it reach the break-even point, a target set for 2023.