Banking-as-a-service (BaaS) and embedded finance startup Treezor is the first FinTech in France to receive all eight payment licenses from the Autorité de Contrôle Prudentiel et de Résolution (ACPR), according to a press release on Wednesday (March 16).
The additional licenses now mean that Treezor can offer multiple new services including cash deposits with a network, payments or transfers with a card or credit facility, payment initiation services, account information services and fund transfers.
Launched in 2016 by CEO Eric Lassus and managing director Xavier Labouret and headquartered in Paris, France, Treezor has over 100 customers and has doubled its transaction volume to €25 billion. The startup has been increasing its workforce by 50% each year and opened four new offices located in Germany, Benelux, Italy and Spain.
“This authorization extension enables Treezor to strengthen its unique position in the payment industry and confirms our European ‘one-stop shop’ strategy for the most ambitious projects,” Lassus said.
He added that the company is proud to be the first electronic money institution in the country to offer a “complete and unprecedented range of services” to its customers.
“Having all the payment services authorizations regulated by the ACPR with the level of compliance and risk management requirements of Societe Generale group enables Treezor to have a solid and sustainable growth dynamic,” Lassus said.
The additional payment licenses give Treezor new growth drivers and offer clients the ability to integrate new features into their own offers. Cash deposits and withdrawals can be handled for clients’ customers via an agreement with a network of tobacco shops in France to make up for the closure of bank branches.
Treezor operates in 25 countries as a Payment and Electronic Money Institution and also a key member of international card networks. It was acquired by the Societe Generale group in 2019 and has a presence in France, Germany, Benelux, Italy and the Iberian Peninsula.
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