Opera to acquire Fjord Bank as fintech expansion continues

With a growing user base of more than 50 million monthly active browser users in Europe, Opera is among the top consumer technology companies in the continent and is pursuing an expansion into fintech through acquisitions

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Opera to acquire Fjord Bank as fintech expansion continues

Norway-headquartered internet company Opera is moving into the banking space with the acquisition of Fjord Bank.

With a growing user base of more than 50 million monthly active browser users in Europe, Opera is among the top consumer technology companies in the continent and is pursuing an expansion into fintech through acquisitions.

In January, the internet company acquired Estonian fintech company PocoSys.

It is currently testing a new version of the Pocopay card and app ahead of launch in Europe.

Opera acquired a 9.9% interest in Lithuania-headquartered Fjord Bank earlier this year. Its acquisition of the remaining 90.1% of the challenger is pending regulatory approval.

Fjord Bank is a full-digital consumer finance bank that was founded in March 2017 by Norwegian and Swedish investors Svein Øvrebø, Joakim Mandorsson and Stig Myrseth.

In December 2019, Fjord Bank was granted a specialised bank licence by the European Central Bank.

With the acquisition of Fjord Bank, Opera will become the owner of a specialised bank that is launching its first deposit and loan service in Lithuania.

Krystian Kolondra, executive vice president of Opera, said: “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.”

“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.”

Veiko Kandla, chief executive officer of Fjord Bank, said: “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.”