Browser provider Opera plans to buy Lithuanian Fjord Bank

The browser provider Opera is expanding its portfolio in the areas of finance. After he already bought the Fintech PocoSys at the beginning of the year, the takeover of the Lithuanian Fjord Bank is pending. Opera already owns 10 percent of the company, and regulators still have to agree to do the rest.

Fjord Bank is an online direct bank with a European banking license, which was founded in 2017 by Norwegians and Swedes. With Fjord Bank, Opera wants to be able to offer financial services in Europe. “If we look at the fintech industry in Europe, we believe that there needs to be bigger challengers that offer people smart and self-determined opportunities for their finances,” added Krystian Kolondra, EVP Opera in a press release. All you have to do now is wait for the approval of the supervisory authorities – which are concrete is not mentioned. The scope of the planned offer for customers has not yet been described in detail.

Criticism of Opera’s handling of financial services

Opera already makes part of its sales through fintech products. The company offers small loans in several African countries, India and Mexico. However, there was already criticism for this. At the beginning of the year, Google threw Opera subsidiary apps from the Play Store because they are said to have violated the rule. The microcredits offered are said to have been linked to absurdly high interest rates in developing countries. In addition, an analysis company accused the CEO of diverting $ 40 million from the company to other companies. There was also talk of financial difficulties. Opera replied that the report was flawed and that the company was also doing well financially.

Opera has 50 million active users per month according to its own information in Europe, and 360 million worldwide. In addition to the browser business and financial services, they are also working on an AI-based news offering called Opera News.

(emw)