The BPCE banking group has announced the merger of Dalenys and Payplug, two payment subsidiaries focused on e-commerce. By transforming these two in-house fintechs into a single entity, BPCE aims to increase its weight in the payment solutions sector.
A new major payment player
Groupe BPCE is determined not to fall behind the payment leaders. Owner since 2017 of Payplug, a fintech offering payment solutions to SMEs, and Dalenys, specialized in e-commerce, BPCE has just made their merger official.
These two fintechs create a single entity under the Payplug brand, " with the ambition of becoming the benchmark French fintech in the European payments market ", says the group in a press release.
Part of the new BPCE Digital & Payments division, dedicated to payment, digital and data expertise, the Payplug brand already supports 20,000 SMEs, including La Maison de l'Astronomie and shoe and clothing brand Faguo, as well as major groups such as Veepee and Maisons du Monde.
Payplug targets retailers, both online and in physical stores, as well as fintechs. This French payment player employs nearly 400 people and expects transaction volumes in excess of 10 billion euros by 2022.
We're joining forces with @dalenyscorp, a subsidiary of @GroupeBPCE and payment partner to some of the biggest names in #ecommerce.- Payplug (@payplug) September 15, 2022
To offer e-merchants, merchants and fintechs the best in performance and simplicity.
We now form a single brand: Payplug. pic.twitter.com/e3mPcBob6P
Payment solutions for SMEs and large groups
With this merger, BPCE is continuing its reorganization work to increase its weight in the payments sector.
In addition to the Payplug brand, the new BPCE Digital & Payments division also includes the bank Oney, a major player in fractional payments in France, and the Banking-as-a-Service platform Xpollens, specialized in white-label digital payments.
The new Payplug entity " anchors its strategy on two differentiating factors ", explains the press release. On the one hand, omnichannel payment, for both e-commerce and in-store payments; on the other, online credit card payment, " focused on performance and conversion rate optimization ", with " particular expertise in strategic sectors such as retail, online gaming and travel ".
" With the merger of Payplug and Dalenys, Groupe BPCE has taken an important step forward in its strategy to offer merchants, directly or through the Banque Populaire and Caisse d'Epargne networks, a leading French alternative for the digitization of commerce," emphasizes Pierre-Antoine Vacheron, Groupe BPCE's Managing Director, Payments.
In parallel with its reorganization in the payment businesses, BPCE is expanding into other sectors, such as employee benefits (luncheon vouchers, gift vouchers, etc.). The Group has sold its subsidiary Bimpli to its competitor Swile, in exchange for a 22% stake in the employee benefits unicorn.