Who wants to buy a bank? Web browser Opera does as it continues inroads into banking and fintech

Who wants to buy a bank?

It seems that web browser Opera does after announcing investment in and agreement to acquire Fjord Bank, a Norwegian capital bank established in Lithuania regulated by the Lietuvos bankas / Bank of Lithuania and the European Central Bank. Fjord Bank was founded in March 2017 and only established in Lithuania in 2019.

Opera, headquartered in Oslo, Norway, announced its intention to purchase Fjord Bank subject to regulatory approval. Opera says that "The acquisition will enable Opera to further accelerate its fintech operations in Europe by launching new, disruptive services aimed at improving consumers’ personal finances."
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Innovative fintech in Europe and beyond could also be acquired as Opera.  Opera first ventured into the fintech space in Europe acquiring Estonian fintech Pocosys which provides digital wallets, payment technology and banking-as-a-service software. At the time of the Pocosys acquisition Opera's Krystian Kolondra said "The way we use financial services is starting to change rapidly ...We see a lot of potential for better and easier services. Needless to say we are excited about our future fintech plans associated with Pocosys and our existing brand.”  

The Pocosys deal also included an agreement to take over its startup’s sister company which holds a payment institution license and provides financial services in the European Union. ​

"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."

Why is Opera entering the challenger bank and fintech space?

​pera says that it has growing user base of more than 50 million monthly active browser users in Europe.  Its move into challenger banking and fintech is owed to its current and ambition to grow its position as a top European top consumer technology.  Opera is ranked 6th in terms of usage share of desktop browsers and 5th in terms of usage share of mobile browsers according to Wikipedia.

Together with the acquisition of the Estonian fintech company PocoSys, the acquisition of AB Fjord Bank means Opera will become a fuller suite financial services provider.  We will see soon see Opera via the acquisition of the specialized bank launching its first deposit and loan service in Lithuania this summer 2020.

​“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”.

​Further detail on the Opera and AB Fjord Bank investment and share purchase agreement

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

An result of Opera' recent fintech activity, it has created demonstrable fintech bridge links between Norway, Estonia, Lithuania and Sweden as well as creating three European fintech hubs for fintech services in: Tallinn, Estonia; Vilnius, Lithuania; and Gothenburg, Sweden.


Further reading & sources: 

• https://press.opera.com/2020/07/09/opera-announces-investment-in-and-agreement-to-acquire-fjord-bank/ 
• https://tech.eu/brief/norways-opera-acquires-estonian-startup-pocosys-to-expand-its-fintech-operations/
• https://en.wikipedia.org/wiki/Usage_share_of_web_browsers

This blog written by Peter Oakes of CompliReg, Fintech Ireland and Fintech UK  Peter advises on Lithuanian EMI/PI issues and advised on the authorisation of one Lithuania's first special bank authorisations.  If you require a licence to operate in Lithuania, Ireland, Cyprus, Malta or the UK, see our Authorisation Page.  We have a great network of experts in each country too, from lawyers, to accountants to technical experts. And get in contact if you have a question about this blog.

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