Sopra Steria announces agreement to acquire Fidor Solutions

By Megha Bhattacharya

European digital transformation provider Sopra Steria announced exclusive negotiations with Fidor Bank in a bid to acquire Fidor Solutions. Fidor Solutions is the software subsidiary and digital banking provider of Fidor Bank.

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. The acquisition will be completed in Q4 2020 and is subject to customary closing conditions.

Sopra Banking Software recently 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.

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.

The company has developed products and digital services that meet front and middle office challenges for digital banking. Its products already boast many use cases with features expected by a digital bank. They have been implemented operationally and industrially for Fidor Bank as well as other banks in Europe, the Middle East and Africa.

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.