Back to Blog

France’s Groupe BPCE Acquires Munich-based Fidor Bank

FidorBank_homepage_July2016

Digital banking pioneer Fidor Bank has been acquired by Groupe BPCE of France; terms were not disclosed. Fidor  Bank founder and CEO Matthias Kröner will remain with the company.

Quoted in the Financial Times, BPCE chairman François Perol said the acquisition “demonstrates our commitment to innovation, to developing a customer-centric approach enabled by digital banking technology, and to be more involved in the digital and mobile banking field.” Kröner, whose bank expanded to the U.K. last fall, added that the acquisition will accelerate Fidor’s international expansion “and drive the development of our innovative digital technology even further.”

Fidor_stage_FinDEVrNY2016

Fidor Bank Chief Innovation Officer Patrick Gruban during his presentation at FinDEVr 2016 New York.

Munich-based Fidor Bank was founded in 2009, and has 350,000 members and 120,000 customers in Germany and the U.K. The bank garnered a reputation for leadership in digital banking, partnering with Currency Cloud last fall to support SEPA Direct Debit functionality, and being the first bank to deploy the Ripple protocol for cross-border transfers in 2014, as well as making inroads into social media, P2P lending, and crowdfunding. The bank participated in FinDEVr 2016 New York this spring where Chief Innovation Officer Patrick Gruban presented “How to Start Your Digital bank—Mobile Apps and APIs Included.”

Earlier this month in Wired magazine, Fidor was profiled as “the fintech bank run by its customers.” The bank announced new offices in Dubai last month and in May, Fidor reported that its technology would be used to help launch the new O2 mobile bank account. The bank was inaugurated into The FinTech50 for 2016 in April.