By Aisling Finn on Tuesday 8 September 2020
The fintech has set its sights on growth and international expansion following the acquisition of the SaaS provider.
Cloud banking fintech Ohpen has acquired Software as a Service (SaaS) provider Davinci to bolster its product offering and turn its attention to international expansion.
Davinci provides cross-border loans and mortgages through using AI and machine learning to provide customers with more suitable loans, saving users up to 80 per cent in some cases.
The acquisition means that Ohpen will soon be able to provide its customers a comprehensive service, offering products across savings, investments, loans, mortgages and current accounts.
Matthijs Aler, CEO of Ohpen, said: “Together, we intend to lead the charge indirectly challenging incumbent providers with outdated technology.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.”
Ohpen already counts more than 20 top financial institutions as a customer and its hoped with the acquisition of Davinci and being able to offer a more rounded product, Ohpen can expand internationally.
Alwin van Dijk, director at Davinci, said: “This is the natural next step on our shared journey to deliver the complete SaaS core banking offering of the future.”
“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.”
Ohpen now holds assets under management of €100bn and the two companies together have over 350 staff and have generated €35m in revenue.