Opera Software, the Norwegian (but now Chinese-owned) company that's been in the business of making browsers and applications since 1994, this morning announced that it will soon be launching its first consumer fintech offering for the European market.
To enable that, the company has acquired the fully-digital neobank Fjord Bank, a Lithuania-based startup that was founded by a group of Norwegian and Swedish investors only just over 3 years ago.
The deal to purchase Fjord Bank, which is subject to regulatory approval, will enable Opera to "further accelerate its fintech operations in Europe by launching new, disruptive services aimed at improving consumers’ personal finances," the company said in a statement. Opera has already acquired about 10% of Fjord Bank, but intends to fully acquire the startup as soon as it gets the green light.
Earlier this year, the Oslo-headquartered browser maker acquired the Estonian startup PocoSys, which develops banking-as-a-service software.
With the acquisition of Fjord Bank, Opera is taking a step further; its new bank subsidiary is launching its first deposit and loan service in Lithuania during the summer of 2020, after receiving a bank license by the European Central Bank at the tail end of last year.