FinTech Ohpen to acquire European mortgage SaaS provider Davinci
By Megha Bhattacharya
Dutch FinTech Ohpen has announced the acquisition of European loan and mortgage SaaS provider Davinci, thus allowing the former to address the $300 billion global bank IT spending market and further its international expansion. Ohpen states that the acquisition will enable it to become the only cloud-native core banking engine to offer a full suite of products across savings, investments, loans, mortgages, and current accounts.
Matthijs Aler, CEO at Ohpen, commented, “Businesses like Ohpen and Davinci are the unsung heroes propelling the real shift to digital in the financial services industry. 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 Together, we intend to lead the charge in directly challenging incumbent providers with outdated technology.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.”
According to the companies, the new entity is expected to have a combined headcount of 350 and $35 million revenue, will support Ohpen’s core banking engine, and will have result in a 25% increase to the FinTech’s R&D budget following the acquisition. The acquisition will enable Ohpen to support retail banks, asset managers, insurers, building societies, lending & mortgage specialists, online brokers, and private banks to build new propositions and migrate complex legacy products into the cloud.
“This is the natural next step on our shared journey to deliver the complete SaaS core banking offering of the future,” added Alwin van Dijk, Director at Davinci. “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.”
Davinci is the supplier of the Close lending platform with an aim to make lending easy. Close is a cloud-native platform for the origination and servicing of mortgages and loans.
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