On Tuesday 10 April, the Linxo Group, creator of Linxo, the first smart PFM financial assistant in France and Oxlin, the PSD2-licensed institution, is announcing its acquisition of the fintech Sharepay, creator of the first card in the world that allows shared payments in real time.
Sharepay will further develop its range of solutions, intensify its growth in France and expand internationally, benefiting from the solid support of the Linxo Group, which has raised more than 23 million euros since inception. Real-time smart payment card technologies developed by Sharepay will benefit to all group activities.
A shared vision for new uses
The Linxo Group and Sharepay met at the Innovation Village by CA in Paris, which Linxo Group joined in 2016 and where Sharepay was incubated at that time. Both fintechs identified synergies in their vision for new uses.
Bruno Van Haetsdaele, president and co-founder of the Linxo Group, comments: “When we launched Linxo in 2010, we wanted to revolutionize the way people manage their money, by offering simplicity and an aggregate view of all their accounts, regardless of their banks and directly from their smartphones. Sharepay was taking the same approach on its market”. David Finel, co-founder of Sharepay, adds: “When we launched Sharepay with Jonas Braoudé, we wanted to simplify the way we manage our expenses. We made it by creating the first card that allows real-time shared payments. With Linxo, we quickly recognized that we had a common philosophy of simplicity and use. From then on, working together seemed obvious.”
Making Sharepay the alternative to joint accounts in Europe
After having created the first shared payment card in 2016, Sharepay affirmed its ambitions for development in Europe by positioning itself as the first – and only – alternative to bank joint accounts.
“As a pioneer in the field of shared payments and with the values we have in common with Linxo, our ambition is to create a genuine alternative to joint accounts in France and in Europe. Before Sharepay, there was no effective solution to spread expenses, especially for couples: you either had to make accounts and get refunded, or open a joint account, with all the associated conditions and complexity, which no longer responds to modern usage. Sharepay is the only alternative to joint accounts: available to everyone, easy to use, flexible, without commitment or risk in case of unforeseen events or separation,” says Jonas Braoudé, co-founder and CEO of Sharepay.
“The Sharepay card, which is at the heart of what we currently offer, is a global innovation: it is the first, and today the only, card in the world that allows real-time shared payments by debiting amounts from multiple bank accounts. Our integration into the Linxo Group will provide more resources and opportunities for this technology and allow us to keep on innovating in the field of payments,” adds David Finel, co-founder of Sharepay and appointed VP Payments of the Linxo Group.
The Linxo Group affirms its ambitions in the field of payments
With the creation of Oxlin, a payment institution approved by the french Financial Services Authority (Autorité de Contrôle Prudentiel et de Résolution – ACPR) at the beginning of the year on new PSD2 services, the Linxo Group is also able to initiate wire transfers between accounts. A new milestone has now been reached : by acquiring Sharepay’s smart card payment technology, the Linxo Group has declared its ambitions to develop “augmented financial assistant” technologies for everyday life.
“Our technologies allow everyone to have an overall view of its personal finances and therefore provide users with complete and up-to-date information. The second “brick” is the introduction of transfers allowed by PSD2 that allows us to take action on our money, by making transfers between accounts. To offer a truly 360° action to users, card payment is the last piece of the triptych. Sharepay’s smart and real-time technologies will allow us to offer new usages to both Linxo users and the end customers of our BtoB partners,” says Bruno Van Haetsdaele.