Opera Announces Agreement To Acquire Norway’s Fjord Bank

Opera Limited has announced an agreement to acquire AB Fjord Bank, a full-digital consumer finance bank that was founded in March 2017 in Norway. The company which is headquartered in Norway says the acquisition(subject to regulatory approval) will enable it to accelerate its fintech operations in Europe.

It says it has plans to launch new, and disruptive services aimed at improving consumers’ personal finances. Opera has already ventured into fintech in Europe which now accounts for more than 50 million monthly active browser users.

Earlier this year, in January, the company acquired Pocosys, a digital payments provider in Estonia.

Now, with the acquisition of Fjord Bank, the company will have  a full-fledged “specialized bank” under its belt.

Also Read: Opera’s OPay raises $50 million to expand to other African markets

“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,” said Krystian Kolondra, EVP Opera.

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.

About the Deal

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. The completion of the acquisition of the remaining 90.1% of Fjord Bank is pending regulatory approval.

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Alvin Wanjala

Alvin Wanjala has been writing about technology for over 2 years. He writes about different topics in the consumer tech space. He loves streaming music, programming, and gaming during downtimes.

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