Popular Opera browser buys bank startup

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The company expands its presence in the financial services market

Opera browser buys a banking startup. Photo: programmetal.com

Norwegian company Opera Ltd, which owns a browser of the same name, plans to acquire the Lithuanian online bank Fjord Bank.

According to Opera’s press service, if the regulator approves the transaction, this acquisition will allow the company to launch new services in Europe, aimed at improving consumers’ personal finances.

Opera purchased Estonian fintech company PocoSys in January 2020 after creating digital wallet and payment technology Pocosys. The company is currently testing a new version of the Pocope card and application in anticipation of a full launch in the European market.

With the acquisition, Fjord Bank Opera will own a specialized bank, which will launch its first deposit and credit service in Lithuania this summer.

On May 29, 2020, Opera and Fjord Bank entered into an investment and share purchase agreement. Opera acquired 9.9% of the bank’s securities through a stock subscription, which was completed on July 3, 2020. The remaining 90.1% will be acquired after regulatory approval.

Fjord Bank is a Lithuanian digital consumer lending bank, founded in March 2017 by Norwegian and Swedish investors Svein Ovrebo, Joakim Mandorsson and Stig R. Mircet. The bank has more than 40 shareholders, most of them private investors from Norway. In December 2019, the European Central Bank granted Fjord Bank a special banking license.

According to Opera Limited, currently more than 360 million users are using the company’s browser.

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Earlier it was reported that experts accused Opera of fraud with applications to borrow money. According to forensic financial research company Hindenburg Research, Opera works with four Android apps that violate the lending policies of the Google Play Store.

Pespace magazine later received an official comment from Opera, in which the company blamed the Hindenburg Research Report for “a large number of errors, unconfirmed statements and inaccurate opinions and interpretations about the company’s business and events related to it”.

Read: Opera crypto wallet users can play cryptocurrency

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