Norway-based browser provider Opera has announced its intention to acquire Fjord Bank, a full-digital consumer finance bank.
The financial details of the transaction have not been disclosed.
Opera had signed an investment and share purchase agreement with Fjord Bank in May.
Opera acquired a 9.9% stake in Fjord Bank through a share subscription, which was completed on 3 July 2020.
Completion of the remaining 90.1% stake acquisition in Fjord Bank is awaiting regulatory approval.
The acquisition of Fjord Bank will enable Opera to further expand its fintech footprint in Europe.
Opera intends to roll out new, disruptive personal finance solutions.
Following the acquisition of AB Fjord Bank, Opera will own a specialised bank and launch its first deposit and loan service in Lithuania in summer this year.
Opera, which has more than 360 million users, provides new offerings across its content, classifieds and fintech space.
Fjord Bank CEO Veiko Kandla said: “We are looking forward to joining the Opera family, and accelerating its plans to grow its unique product offering.
“With the support of Opera, we are also excited to launch our first banking services in Lithuania this summer.”
Earlier this year, the global internet brand Opera also acquired Estonian fintech firm PocoSys and gained access to Pocosys’ digital wallet and payment technology.
Now, Opera is testing a new version of the Pocopay card and app before its launch in the European market.
Opera EVP Krystian Kolondra said: “Our browsers are the personal choice of millions of people who prefer them over those that come preinstalled on their devices.
“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.”