Opera is soon to launch its first consumer fintech offering for a European market. Through Fjord Bank, Opera will further accelerate its fintech operations in Europe. Headquartered in Oslo, Opera has a user base of more than 50 million monthly active browsers in Europe and 360 million worldwide.
Today, Opera, headquartered in Oslo, Norway, announced its intention to purchase Fjord Bank subject to regulatory approval. The acquisition will enable Opera to further accelerate its fintech operations in Europe by launching new, disruptive services aimed at improving consumers’ personal finances.
In January 2020 Opera ventured into the fintech space in Europe with the acquisition of the Estonian fintech company PocoSys, which enabled Opera to build on Pocosys’ unique digital wallet and payment technology. Opera is currently testing a new version of the Pocopay card and app ahead of the launch in its first European market.
With the acquisition of AB Fjord Bank, Opera will become the owner of a specialized bank, which is launching its first deposit and loan service in Lithuania during the summer of 2020.
“Opera has been making innovative browsers and apps for 25 years. Our browsers are the personal choice of millions of people who prefer them over those that come preinstalled on their devices,” said Krystian Kolondra, EVP Opera. “Looking at the fintech space in Europe, we believe it needs more and bigger challengers who should provide people with smarter and empowering solutions for their personal finances.”
“We are looking forward to joining the Opera family, and accelerating its plans to grow its unique product offering,” said Veiko Kandla, CEO of AB Fjord Bank, “With the support of Opera, we are also excited to launch our first banking services in Lithuania this summer.”
Opera and AB Fjord Bank entered into an investment and share purchase agreement on May 29th 2020. Opera acquired a 9.9% interest in AB Fjord Bank via a share subscription which was completed on 3 July 2020. Completion of the acquisition of the remaining 90.1% of Fjord Bank is pending regulatory approval.
AB Fjord Bank is a full-digital consumer finance bank that was founded in March 2017. In December 2019, it was granted a specialized bank license by the European Central Bank, following the assessment and proposal of the Bank of Lithuania.
„Tendinţele pe care le-am remarcat înainte de începerea pandemiei s-au accelerat pe perioada stării de urgenţă. Am văzut acest lucru ca o oportunitate, un tipping point pentru bancă. Post-pandemie nu avem cum sa ne întoarcem la comportamentul financiar pe care îl aveam până în februarie a.c. Relaţia românilor cu online-ul s-a schimbat. In plus, cardul fizic se va dematerializa. Vom asista la o scădere a cererii pentru cardurile fizice, respectiv la o creştere a preferinţei pentru componenta digitală a acestora.”