German online bank Fidor Bank has been acquired by Groupe BPCE, France’s second-largest banking group. The price of the deal is undisclosed.
Fidor had raised three rounds of undisclosed funding from Anthemis Group, JZ Capital Partners and Life.SREDA since its launch in 2009.
The acquisition comes as more traditional European banks show interest in emerging challenger banks that are attempting to offer full-banking services entirely online or on mobile devices.
The company says that it will remain a separate entity with founder and CEO Matthias Kroner staying on as CEO, keeping a shareholding in the bank and leading on business strategy, development and international expansion as before.
Fidor says that the acquisition will allow it to continue its international expansion with BPCE’s support.
“In a world of increasing volatility, it is important to be member of a strong group and this transaction is strongly improving our overall financial sustainability,” says Kroner.
“We are excited to have such a well-established partner as BPCE in the financial world that recognises the need for an entrepreneurial approach to banking and innovation.”
Fidor will also shift its internal structure with Fidor Holding Group becoming the parent company of Fidor Bank, its challenger bank and Fidor AG, its white-label technology offering.
Copyright © 2016 FINTECH GLOBAL
