Bendigo and Adelaide Bank have agreed to pay $116 million to acquire Ferocia Pty Ltd in a move designed to accelerate the digital transformation of its banking operations.
The acquisition of Ferocia will include Up a highly rated banking app. Bendigo and Adelaide Bank expect to from the technology and experience of the Fintech operation.
The Up platform will be further developed while including the digital home loan capability of Bendigo’s partner, Tic:Toc.
The bank states that over 30 percent of active Up customers are saving for a home loan.
Marnie Baker, Managing Director, Bendigo and Adelaide Bank, said at the time of the announcement that Up had brought in over 400,000 customers along with $840 million in deposits.
Bendigo/Adelaide has been partnering with Ferocia since 2018 so the acquisition makes a lot of sense for a traditional bank to boost its innovation credentials.