The Societe Generale banking group has decided to inject an additional € 2 million into the capital of the TagPay mobile banking platform, French FinTech specializing in the banking of the unbanked in Africa.
This investment, which brings to 19.23% its participation in TagPay, is part of a capital increase intended to finance the technical developments of the company which becomes more complex with the production of new services to individuals, such as the payment of taxes. local, but also to businesses.
“This operation embodies a tacit commitment made two years ago to strengthen our ties with TagPay if our collaboration was successful,” commented Alexandre Maymat, head of the bank’s Africa-Mediterranean and Overseas region.
The start-up, which generates nearly 25% of its turnover with Societe Generale, intends to maintain its open development model. “A new capital increase in TagPay is not an end in itself. It could also weaken this model that is its strength, “says Alexandre Meymat.
As a reminder, it was in 2016 that Societe Generale had invested 1 million euros in TagPay to accelerate its development in Africa, with a stake of 8%.
