Société Générale Launches Startup Accelerator - PYMNTS.com

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French multinational investment bank Société Générale has launched what it calls the “Payment & Transaction Banking Accelerator” (P&T BAX).

As the company said in a news release Tuesday (April 19), this marks Société Générale’s first acceleration program dedicated to startups in the trade finance, factoring, cash clearing and correspondence, and banking sectors.

The company said this program follows its past Global Markets Incubator initiatives, four projects designed to help startups to emerge and develop in partnership with Société Générale.

“The P&T BAX program is a unique opportunity for entrepreneurs to convert innovative ideas into market-ready solutions and to gain valuable exposure to the industry,” the release said. “The proposed solutions may be related to data, client communication interfaces, CSR, the fight against fraud, amongst other topics.”

Startups that are selected will have access to the company’s expertise and get a chance to present their solutions and services in real-life business environments. Candidates have until May 31 to apply, with selected startups scheduled to be announced in July, followed by an incubation period beginning in September.

“In a constantly changing environment, Société Générale's payment & transaction banking activities are accelerating their digital transformation thanks to their ability to collaborate with startups,” said Alexandre Maymat, the bank’s Head of Global Transaction & Payment Services. “By combining our respective expertise and cultures, we are resolutely accompanying our customers into the world of tomorrow.”

Read more: Société Générale Buying Rival LeasePlan for $5.5B

Added Claire Calmejane, the bank’s chief innovation officer: “Being innovative and pioneering is part of Société Générale’s DNA. With the ‘Payments & Transaction Banking Accelerator’, we are taking a strong role in supporting the startup ecosystem and in transforming transaction banking activities.”

Earlier this year, Société Générale’s Paris-listed car leasing business ALD announced it would purchase TDR Capital-owned rival LeasePlan for 4.9 billion euros ($5.5 billion) in cash and shares, thus forming Europe’s largest auto leasing group.

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NEW PYMNTS DATA: THE FUTURE OF BUSINESS PAYABLES INNOVATION STUDY– APRIL 2022

About: While over half of SMBs believe that an all-in-one payment platform can save them time and improve visibility into cash flows, 56% believe that the solution could be difficult to integrate with existing AP and AR systems. The Future Of Business Payables Innovation Report, a PYMNTS and Plastiq collaboration, surveyed 500 SMBs with revenues between $500,000 and $100 million to explore how all-in-one solutions can exceed SMBs’ expectations and help future-proof their businesses.

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