Web Browser Opera Accelerates Fintech Push in Europe with Fjord Bank Acquisitionby Fintechnews Baltic July 14, 2020
Opera, a browser provider headquartered in Oslo, 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 services aimed at improving consumers’ personal finances.
With the acquisition of AB Fjord Bank, Opera will become the owner of a specialised bank, which will launch 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. With the support of Opera, we are also excited to launch our first banking services in Lithuania this summer.”
said Veiko Kandla, CEO of AB Fjord Bank,
Opera and AB Fjord Bank entered into an investment and share purchase agreement on May 29th 2020. The former acquired a 9.9% interest in the bank via a share subscription which was completed on 3 July 2020. The completion of the acquisition is pending regulatory approval.
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.