Opera Announces Acquisition of Fjord Bank for European Fintech Expansion

Opera, the technology company best known for its web browser, announced on July 9, 2020, its agreement to acquire AB Fjord Bank, a specialized bank based in Lithuania. The acquisition is subject to regulatory approval from relevant financial authorities. Fjord Bank is preparing to launch deposit and lending offerings in Lithuania, providing Opera with a licensed banking entity through which to offer fintech services in Europe.

Opera's strategy involves leveraging its existing consumer technology platform and large user base to distribute embedded financial products through Fjord Bank's banking license. The acquisition represents a significant move by a technology company into the BaaS and embedded finance space through direct bank ownership rather than a traditional partnership model. By acquiring a bank rather than partnering with one, Opera gains greater control over its financial services roadmap and regulatory compliance.

The deal highlights a growing trend of technology companies seeking banking licenses or acquiring licensed entities to embed financial services directly into their consumer platforms. Financial terms of the acquisition were not fully disclosed in the announcement.