In total Orange Bank has accumulated losses of €643 million in three years. The latest set of results put net income at €79 million from 1.2 million customers, according to Finextra.
The online bank was developed thanks to the acquisition of a majority stake in lender Groupama Banque. Groupama, a French insurer, now owns 22% of the group. Orange controls the remaining 78%.
CEO Stéphane Richard told Les Echos that it was looking to find a banking partner with the right expertise and assets to help build up Orange Bank, and said several expressions of interest have been received.
„We are convinced that there are significant synergies between the banking world and that of telecoms,” he says.
Orange had set ambitious targets for its mobile bank, with a business plan that sought to attract two million customers within ten years of launch and €500 million in net income by 2023.
Banking 4.0 – „how was the experience for you”
„So many people are coming here to Bucharest, people that I see and interact on linkedin and now I get the change to meet them in person. It was like being to the Football World Cup but this was the World Cup on linkedin in payments and open banking.”
Many more interesting quotes in the video below:
