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Treezor

Provider
PSPBaaSCard IssuingSponsor Bank

Embedded-finance provider tracked in the Embedded Finance Index — disclosed by 16 companies across 4 categories.

treezor.com ↗Also analysed as a company — its own stack →Open Banking Tracker profile ↗
CategoriesPSP, BaaS, Card Issuing, Sponsor Bank
Rank#29 of 340 in BaaS
Buyers16 companies
HeadquartersParis, France
Founded2016

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Founders & story · from Treezor’s own dossier

Treezor was founded as an independent French BaaS provider offering white-label e-money and card-issuing services, then was acquired by Societe Generale in 2019 to give the bank a fintech-native embedded finance arm. Mastercard's 2022 minority investment and partnership extension cemented Treezor as a preferred BaaS issuer for European fintechs (Qonto, Swile, Lydia, Shine, Pixpay), pushing its expansion into Benelux, Germany, Italy and Spain. It positions itself as a one-stop-shop EMI covering acquiring, issuing, accounts, KYC and SEPA/international transfers under its own ACPR license.

Latest round: Acquired by Societe Generale (2019); Mastercard minority investment (2022)
Recent developments
  • 2026-10-07Acquired by Shares (100%, completed 2026-10-07) after Société Générale put it up for sale (exclusive negotiations opened 2026-01-29) — continues to run payment flows and card issuance (~70% of revenue growth outside France; customers include Qonto, Lydia Solutions and Shine) alongside Shares' investment platform. source ↗
Full dossier: Treezor’s own stack, layer by layer →
In the press
embeddedfinancereview.com ↗
Coverage of Treezor sourced from Embedded Finance Review — a content partner for this report. All articles are © their original authors; click any card to open the source.
◇ article2026-10-13
Shares completes Treezor acquisition, keeps BaaS and adds investing
Shares completes its Treezor acquisition from Société Générale: what it means for the BaaS offering and clients like Swile and Bling.
Source · Embedded Finance Review ↗
◇ article2026-02-03
Shares eyes Treezor, HSBC adds accounting
Shares in exclusive talks to acquire Treezor from Société Générale. HSBC launches embedded accounting with Sage. Plus: Mastercard's new BIN Sponsor programme.
Source · Embedded Finance Review ↗
◇ article2026-01-30
Shares enters exclusive talks to acquire Treezor from Société Générale
French investment fintech Shares enters exclusive negotiations to buy Treezor, the BaaS platform that helped launch Qonto, Lydia, and Swile.
Source · Embedded Finance Review ↗
Who uses Treezor
16 companies disclose Treezor in their stack
BuenoCashbeeUpflowVeracashSkiprTiimeXaalysCoinhouseFinenseSharesSwileLydia+4 more
Buyer mix · 16 of 16 classified
Fintech / Consumer banking · 3Fintech / Investment · 3Fintech / Crypto · 1Fintech / Lending · 1Fintech / Neobank · 1Fintech / SMB banking · 1Horizontal SaaS / Accounting · 1Infrastructure / Card issuing · 1
EU · 15
What the disclosures say
Bueno
“Bueno's Terms & Conditions state 'Payment services are provided by Bueno Pay S.L. and SEFIDE E.D.E.' and the Privacy Policy names 'Treezor SAS, a licensed e-money' institution as the payment and e-money partner.”
Cashbee
“It holds an ACPR payment institution license to facilitate fund transfers between users' bank accounts and savings vehicles via Treezor's virtual wallet.”
Upflow
“treezor.com publicly lists Upflow as a customer (TIER 1 known_customer_listing).”
Veracash
“Veracash regulatory footer and legal notice: 'Veracash acts as a payment services agent for Treezor SAS, an electronic money institution approved by the ACPR under number 16798.' Legal notice: 'The Veracash MasterCard is issued by Treezor SAS.' Treezor also lists Veracash as a customer on treezor.com.”
Skipr
“Skipr's own terms page states: 'Skipr SA is registered by the ACPR as agent of Treezor SAS… as electronic money institution approved by the ACPR under number 16798.' The privacy page and footer across all skipr.co pages identify Skipr as 'payment services agent of the electronic money institution Treezor'.”
Tiime
“Treezor publicly lists Tiime as a customer on its own website (treezor.com), confirming Treezor as the BaaS/e-money issuer behind the Tiime pro account.”
The complete buyer list and each company’s full embedded-finance stack are in the Embedded Finance Index report. Represent Treezor? Claim this profile above to unlock your own full list.
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What Treezor runs on · from its own dossier
The third-party providers Treezor itself discloses, layer by layer — the vendor as a buyer. Distinct from the companies above that disclose Treezor.
PSP
HiPay
FX / Payouts
Undisclosed third-party international transfer provider
Full dossier with evidence for each layer →
Alternatives to Treezor

Other BaaS providers in the index, by the number of companies that disclose them. A count of public disclosures, not a ranking of the products.

Evolve Bank & Trust71 buyers →Sutton Bank63 buyers →Cross River56 buyers →Pathward48 buyers →ClearBank39 buyers →Thread Bank35 buyers →Backbase30 buyers →Community Federal Savings Bank30 buyers →
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Ranked #29 of 340 in BaaS — Embedded Finance Index 2026
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<a href="https://www.embeddedfinanceindex.com/vendors/treezor?ref=badge">
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       alt="Ranked #29 of 340 in BaaS — Embedded Finance Index 2026">
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Treezor — frequently asked

Which companies use Treezor?

16 companies are linked to Treezor in the Embedded Finance Index 2026, through their own public disclosures or Treezor's published customer list, including Bueno, Cashbee, Upflow, Veracash, Skipr, Tiime, Xaalys, Coinhouse, Finense, Shares and 2 others.

What does Treezor do?

Treezor is an embedded-finance provider in PSP, BaaS, Card Issuing and Sponsor Bank. It ranks #29 of 340 BaaS providers by linked companies.

What are the alternatives to Treezor?

The most-named BaaS alternatives to Treezor are Evolve Bank & Trust (71 buyers), Sutton Bank (63 buyers), Cross River (56 buyers), Pathward (48 buyers), ClearBank (39 buyers) and Thread Bank (35 buyers).

Where is Treezor headquartered?

Treezor is founded in 2016 and headquartered in Paris, France.

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