Sogexia*, a fintech of French origin now based in Luxembourg post-Brexit, markets itself as a modern alternative to traditional banking but has come under scrutiny for questionable practices and frequent complaints from users. Beneath its appealing façade lies a troubling pattern of unfulfilled promises and operational failures. Here’s why Sogexia should be avoided, especially by professionals.
Big Promises, Bigger Lies
Sogexia’s marketing is filled with attractive claims, but many of these promises fall apart under scrutiny. Here are some key examples:
– Two cards per account? False. Despite being advertised as a feature, it remains unavailable.
– Metal card with premium benefits? At €9.90 per month (over $10 USD), this card is supposed to include insurance and other perks. In reality, users report that these benefits do not exist.
– No worries about state inquiries? Another falsehood. Users have reported arbitrary account freezes without clear explanations.
– Visa or Mastercard? Previously offered as a choice, this option is no longer available.
Sogexia’s pattern of broken promises points to a culture of dishonesty in its marketing and operations. For professionals who rely on reliable financial services, this could be disastrous.
Reported issues: Lack of transparency, excessive fees, and poor customer experience.
Opaque and Risky Practices
The issues with Sogexia extend beyond unfulfilled promises. Its account management practices raise serious concerns:
– **Access to accounts is sometimes blocked.** Users have reported being locked out of their accounts, unable to check transactions or access their money, sometimes for extended periods.
– **A lack of transparency.** During these account freezes, there’s no clear communication on what happens to users’ funds. Are they simply frozen, or are they being used for other purposes? Sogexia remains silent.
Such practices not only undermine trust but also pose significant risks to both individual and professional clients.
A Troubled History
Founded in 2010, Sogexia initially partnered with British banks to offer prepaid cards in France. In 2019, anticipating Brexit’s impact, the company relocated its operations to Luxembourg and secured its own payment institution license. While this move was meant to ensure regulatory stability, it appears to have coincided with a decline in service quality and an increase in customer dissatisfaction.
Conclusion: Stay Away
Sogexia’s lack of transparency, unreliable services, and repeated false promises make it a risky choice for anyone seeking trustworthy financial solutions. The stakes are even higher for professionals, whose livelihoods depend on smooth and secure financial operations. All claims made here are thoroughly documented and supported by evidence.
👉 Our advice?
Avoid Sogexia altogether and choose established platforms with proven track records of reliability and customer care.
*/ Sogexia is a trade name used by the company Sogexia S.A., a payment institution licensed and supervised by the Commission de Surveillance du Secteur Financier of Luxembourg under number Z19. The headquarters of Sogexia S.A. is in Luxembourg. However, Sogexia S.A. is actually a subsidiary of a French company, SGX Processing SAS. This might explain why they are subject to (dictatorial?) French directives rather than adhering to Luxembourgish banking standards. Because when it comes to banking, nothing in Europe treats customers worse than French banks! Compared to them, Swiss banking demonstrates an exquisite level of honesty toward its clients!
Photo: Sogexia, Reported issues, Lack of transparency, excessive fees, and poor customer experience.- ADPI News Infographic
