Dutch cloud-banking FinTech Ohpen has acquired cross-border loan and mortgages software provider Davinci.
The deal is said to enable Ohpen to to address the $300bn global bank IT spending market as it targets international expansion.
Ohpen raised a €14m Series B round in July 2017 and a €25m Series C round in February 2018.
The new entity will have a combined headcount of 350 and $35m revenue, making it the most serious challenger to legacy technology providers in the financial services sector.
“Businesses like Ohpen and Davinci are the unsung heroes propelling the real shift to digital in the financial services industry,” said Matthijs Aler, CEO at Ohpen. “We are a growing company with huge ambitions.
“Together, we intend to lead the charge in directly challenging incumbent providers with outdated technology. Our mission is – and always has been – to set financial institutions free from legacy software. Now we can help a broader range of financial institutions deliver tangible change to meet the needs of tomorrow’s customers.”
Alwin van Dijk, cirector at Davinc, added, “This is the natural next step on our shared journey to deliver the complete SaaS core banking offering of the future. Our complementary business offerings, and combined company values based on a solid foundation of innovation – we are the only two players with a real focus on back and middle office innovation for new AND existing propositions.
“Now offering a full range of products – will be a market game changer. There are many opportunities, not only for present and future customers, but also for our experienced staff and we’re excited to see what the future holds.”
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