Crédit Agricole has acquired a majority stake in bank data aggregation and payment initiation vendor Linxo for an undisclosed amount.
Founded in 2010, the French fintech player provides APIs and complete white label apps for banking and insurance start-ups.
With the EU PSD2 Directive in force, Crédit Agricole says the transaction creates opportunities for new digital and innovation services based on financial data for the retail, professional and corporate customers of the bank.
Bertrand Chevallier, CEO of Crédit Agricole Payment Services, comments: “The acquisition of this major banking aggregation player in France, a long-time partner of the Crédit Agricole Group, represents a major contribution in terms of technology that will enable the Group to take full advantage of the innovation opportunities offered by changes in regulations”.
Linxo's mobile account aggregation and budgeting app currently has more than 3 million users in France. The company has 81 employees, based mainly in Aix en Provence and the Crédit Agricole Villages in Paris and Sophia Antipolis.