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Technological advancement is pushing many companies around the world to partner and acquire other firms in an attempt to maintain their competitive edge. One such company is the internet browser maker, Opera. Opera is a major internet brand that has approximately 350 million active monthly users on average.
Official reports confirm that the browser maker has acquired Pocosys, an Estonian fintech startup. Pocosys provides banking technology services to other fintech companies. Moreover, Opera entered into the agreement that will allow it to take over Pocopay. Pocopay is a sister company of Pocosys. It offers financial services throughout the European Union.
Tallinn now becomes Opera’s second European hub for fintech services in the wake of these acquisitions. Gothenburg, Sweden, is the browser maker’s other fintech hub.
Krystian Kolondra of Opera commented:
“The way we use financial services is starting to change rapidly. We see a lot of potential for better and easier services. We are excited about our future fintech plans associated with Pocosys and our existing brand.”
According to the founder of Pocosys, Indrek Neivelt, Estonia is an excellent location that can easily attract talent for any European fintech efforts. He said that the country is among the most advanced digitally in the entire world, and it is a thriving center for fintech startups.
Pocosys was founded in 2015. Since then, this firm offers banking technologies to other fintech companies. In the past, it licensed its financial software to companies in Ghana, Japan, and the United Kingdom. Last year, Äripäev business newspaper named Pocosys among the top three IT software companies in Estonia.
With this acquisition, Opera aims to join the elite group of digital companies that have invested in the fintech sector.