Opera Software acquired Fjord Bank, a full-digital consumer finance bank from Lithuania.
Opera Software, an Oslo, Norway-based software company, announced its intentions to acquire Fjord Bank, a full-digital consumer finance bank from Lithuania.
Financial details of the transaction remained undisclosed. According to a press statement, the acquisition will enable Opera to further accelerate its fintech operations in Europe by launching new, disruptive services aimed at improving consumers’ personal finances.
Opera and AB Fjord Bank entered into an investment and share purchase agreement in May and later in July, Opera acquired a 9.9% interest in AB Fjord Bank via a share subscription. Completion of the acquisition of the remaining 90.1% of Fjord Bank is pending regulatory approval.
AB Fjord Bank, founded in 2017 by Norwegian and Swedish investors Svein Øvrebø, Joakim Mandorsson and Stig R., is a full-digital consumer finance bank, aiming to launch its first deposit and loan service in Lithuania during the summer of 2020. 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. AB Fjord Bank's head office is in Vilnius, Lithuania.
Opera is known as the developer of an indie browser, used by some 360 million monthly active users to which it offers a wide range of products and services that include its PC and mobile browsers as well as its AI-powered news reader, Opera News and its app-based microfinance solutions.
The fintech business is generating around $300 million a year - the Q1 2020 revenue was $94.7 million driven by 8.6 million loans issued in the quarter.
This is Opera's second acquisition in the fintech space, as in January 2020 it acquired the Estonia-based fintech company PocoSys, which enabled Opera to build on Pocosys’ 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.