Internet giant Opera all set to disrupt fintech industry with the acquisition of Fjord Bank

Opera Limited, the company behind Opera browser, one of the leading browsers in the world has been coming up with innovative products including browsers and apps for over two decades. In a recent development, the leading global internet brand with over 360 million users all over the world has announced that it will acquire Fjord Bank. The acquisition will be complete after a regulatory approval.

Opera acquires Fjord Bank!

Headquartered in Oslo, now China-owned Opera has expressed its intention to acquire the full-digital consumer finance bank, Fjord Bank founded in 2017 by Svein Øvrebø, Joakim Mandorsson and Stig R. Myrseth. With this acquisition, Opera will be able to further accelerate its fintech operations in Europe with the launch of new and disruptive services that will improve the personal finances of customers.

The acquisition of Fjord Bank will let Opera become the owner of a specialised bank, which eyes to launch its first deposit and loan service in Lithuania this summer. Notably, in December 2019, it was granted a specialised bank license by the European Central Bank.

“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 agreement pertaining to investment and share purchase in May. Later the Norwegian browser acquired a 9.9% interest in AB Fjord Bank earlier this month. The completion of the acquisition of the rest of the 90.1% of the specialised bank is pending regulatory approval.

Opera’s fintech foray

Earlier this year, Opera forayed into the European fintech industry by acquiring PocoSys, an Estonian fintech startup to build on the latter’s unique digital wallet as well as payment technology. Currently, the company is working on a new version of Pocopay card and app and is gearing up for its launch in Europe.

Main image picture credits: Opera