Sopra Banking Software completes the acquisition of Fidor Solutions

By Megha Bhattacharya

European digital transformations provider Sopra Steria has announced the completion of Fidor Solutions’ acquisition, via its subsidiary Sopra Banking Software. The company announced its negotiations with Fidor Bank on the 17th of November, 2020. Sopra Steria stated that the acquisition is expected to speed up the development of Sopra Banking Software’s digital solutions by enhancing the user features offered to banks through its Digital Banking Engagement Platform solutions.

Fidor Solutions is the software subsidiary of next-generation bank Fidor Bank, created in Germany in 2009 and acquired by Groupe BPCE in 2016. It has 126 employees based in Munich and Dubai and addresses three markets of Europe, the Middle East and Africa. Fidor Solutions specialises in solving banking customer challenges through innovation, including onboarding, engagement, customer experience, digitalisation, financial inclusion and the creation of new business models such as marketplaces and platforms.

The fidorOS digital banking platform powers the most innovative financial organisations in Europe, Africa, the Middle East and Asia. Fidor Solutions is included in Sopra Steria’s scope of consolidation on 31st December 2020.

Last year, Kazakhstan-based Astana International Financial Centre(AIFC) has signed a Memorandum of Understanding with Fidor Solutions, in a bid to launch fintech programs in Kazakhastan as well as fuel economic development in the country and across Central Asia.

Recently, Sopra Banking Software announced the launch of a new digital platform for UK-based Kensington Mortgages. The upgraded software aims to improve the latter’s core platform and help deliver Sopra’s new digital solutions for onboarding journeys. The project involved upgrading the core platform to leverage the FinTech’s platform, delivering the new digital broker portal and delivering integration out to key partners to simplify the end to end mortgage journey through Sopra’s marketplace platform.