Fidor Bank Acquired by Groupe BPCE in France

Progressive German banking firm Fidor Group has been acquired by Group BPCE in France. The acquisition was described as enabling Fidor power international expansion, continue the development of its proprietary digital banking technology, and strengthen its overall presence in Europe.

Fidor, an early innovator in the typically sleepy retail banking sector, has focused on digital features and alternative finance for years. Groupe BPCE is the second largest banking group in France.

Future of Banking by The Economist in Paris March 10th 2016Fidor will remain as a standalone business with founder and CEO Matthias Kröner continuing as CEO and a shareholder. Kröner stated;

“This move will allow Fidor to continue its international expansion and drive the development of our innovative digital technology even further. In a world of increasing volatility, it is important to be a member of a strong group and this transaction is strongly improving our overall financial sustainability. We are excited to have such a well-established partner as BPCE in the financial world that recognizes the need for an entrepreneurial approach to banking and innovation.”

“With a simplified shareholder structure, Fidor’s senior team, including myself, will be able to focus on expanding our core business offering and explore more market opportunities all over the world.”

Fintech FranceFidor will adjust its operating structure by creating the new ‘Fidor Holding Group’ acting as a parent company to the rest of Fidor’s business offerings – Fidor Bank , the challenger bank, and Fidor AG, a white-label technology solution provider for digital banking and any future corporate offerings.

François Pérol, Chairman of BPCE, explained the acquisition as an example of their commitment to pursue innovation by developing a customer-centric approach to digital banking.

“We are very proud and happy to welcome Fidor’s teams, communities, and clients into Groupe BPCE.”

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