Crédit Agricole takes full control of Cawl payments venture

Crédit Agricole has acquired Worldline’s interest in Cawl, giving the French banking group full ownership of the merchant payments business created by the two companies in 2023. The companies did not disclose the price, and said the arrangement will now shift from shared equity ownership to a commercial partnership.

The transaction changes the governance of a venture built to strengthen merchant payment services in France. Cawl was launched to pair Crédit Agricole’s merchant acquiring base, client relationships and distribution reach with Worldline’s payment technology and international infrastructure.

Merchant payments remain a core area of competition for banks and payment processors, as retailers and large corporates seek integrated services across card acceptance, acquiring and related transaction tools. In Cawl’s model, Crédit Agricole brought access to merchants through its regional banks and LCL, while Worldline supplied the acceptance capabilities and processing infrastructure that support payments at the point of sale and online.

The initial phase of the partnership included a joint investment of €80 million, according to the companies, covering product development, offer design and the establishment of the joint company. At inception, Worldline was set to own and consolidate the venture, through a contribution equal to 50% of total capital plus one share.

The companies said Cawl has already supported the sale of merchant offers to clients of Crédit Agricole’s regional banks and LCL. They also said the combination of Worldline’s acceptance services with Crédit Agricole’s acquiring solutions has helped the two groups secure a significant number of tenders from large merchants.

Worldline chief executive Pierre-Antoine Vacheron said the disposal fits with the group’s strategic refocusing, which began in 2025. “This operation is part of the strategic refocus of our Group initiated in 2025. We remain fully committed alongside Crédit Agricole, a trusted long-term partner and reference shareholder,” he said.

The sale does not end the commercial relationship between the companies. Crédit Agricole will own Cawl outright, while Worldline remains a partner through the supply of payment services rather than through a direct equity position in the business.

The deal also follows an earlier capital link between the two groups. In 2024, Crédit Agricole acquired a 7% stake in Worldline, making it a reference shareholder in the payments company.

Worldline has taken other steps in 2025 to reduce holdings in joint ventures as part of its focus on payments and transaction banking. The company sold its 51% stake in a joint venture with Australian bank ANZ for A$89 million, according to the companies.

For Crédit Agricole, full ownership gives the banking group direct control over Cawl’s merchant payment platform in its home market. For Worldline, the transaction continues a pattern of moving some partnerships away from ownership structures while preserving commercial ties with banking clients.

This story draws on original reporting from Finextra Research.