Crédit Agricole, the French bank has announced on Tuesday that it is going to acquire more than 85% of stake in the fintech firm named Linxo Group. However, the amount of acquisition has not yet been disclosed by either of the companies. However, the proposal for acquisition is still pending for approval from the French Prudential Supervisory and Resolution Authority (ACPR).

Crédit Agricole Payment Services, along with FIRECA (Fonds d’Investissement et de REcherche du Crédit Agricole), which is the standing partner of Linxo Group for years, will be controlling the said acquisition. The directors and founders are said to hold the residual capital for the company’s development after the acquisition transactions are completed.

The acquisition will help Crédit Agricole to consolidate its position in digital payment services, and will also offer a robust account aggregation solution via the banking apps. On the other hand, Linxo Group will have the support of a top European banking group, which will help it to grow in the banking sector.

In fact, by collaborating the technological prowess of the Linxo Group with Crédit Agricole’s know-how, it will create new opportunities for digital innovation services based on the financial reports of Crédit Agricole.

Talking about this acquisition, Bertrand Chevallier, the CEO of Credit Agricole Payment Services said,

The acquisition of this major banking aggregation player in France, a long-time partner of the Crédit Agricole Group, is an important part of our strategic aim of offering customers of the Group’s banks innovative payment services that meet the highest market standards.