Ohpen, an Amsterdam-based fintech, announced on Tuesday it has acquired cross-border loan and mortgage Software-as-a-Service (SaaS) provider, Davinci. Ohpen reported that the acquisition will allow it to address the $300 billion global bank IT spending market as it targets international expansion.
“This acquisition is a testament to Ohpen’s commitment to disrupting banking by liberating financial institutions of burdensome legacy software. With the ongoing COVID-19 pandemic rapidly accelerating the shift to digital, the combined entity is set to change the face of finance forever.”
Ohpen also revealed that with the acquisition it will 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, spoke about the acquisition by stating:
“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 Together, we intend to lead the charge in directly challenging incumbent providers with outdated technology.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.”
Alwin van Dijk, Director at Davinci, concluded:
“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.”
Founded in 2009, Ohpen claims to be it was the first core-banking engine in the cloud. Built from the ground up by experienced bankers and software developers, the Ohpen Platform administers retail savings and investment accounts – with or without a “fiscal wrapper.”