French Banking Group BNP Paribas Announces The Acquisition Of SA Start-Up Mobicred
French Banking Group BNP Paribas Announces The Acquisition Of SA Start-Up Mobicred. It has been reported that RCS Group a division of French banking group BNP Paribas has announced the acquisition of South African startup Mobicred.
With the acquisition of Mobicred, RCS will accelerate its growth into the e-commerce ecosystem by adding new and bespoke brands to their already well-established shopping network of over 28 000 stores. The acquisition will also allow the group to tap into new customer segments, with a particular focus on Generation Z’s and Millennials – the biggest proponents of online sales in South Africa. The Mobicred acquisition is a pivotal next step in unlocking synergies in the retail environment, with digital capabilities at a customer’s fingertips.
Mobicred is a simple & convenient credit facility that allows its clients to safely shop online with its participating retailers. It’s client’s Mobicred account allows them to make one single monthly payment for all their purchases with a revolving credit limit – allowing them to spend whatever thry re-pay. Founded in 2013, the Mobicred offering of a single credit account for all a customer’s online shopping needs solidified its position as the country’s pioneering virtual credit provider. Mobicred was a first- mover and early adopter and successfully grew their business, gearing them to take advantage of the country’s shift to e-commerce, which was significantly accelerated by the pandemic.
BNP Paribas is the leading bank in the European Union and a key player in international banking. It is present in 68 countries and has more than 193,000 employees, including nearly 148,000 in Europe. The Group holds key positions in its three main areas of activity: Retail Banking for the Group’s retail banking networks and several specialized businesses; Investment & Protection Services for savings, investment and protection solutions, and Corporate & Institutional Banking, focused on corporate and institutional clients.
