Ohpen, an Amsterdam-based fintech, said on Tuesday it had acquired Davinci, a cross-border loan and mortgage software as a service (SaaS) provider. Ohpen said the acquisition will allow it to tackle the global $ 300 billion bank IT spending market as part of its international expansion.
“This acquisition demonstrates Ohpen’s commitment to disrupt the banking industry by freeing financial institutions from cumbersome legacy software. With the current COVID-19 pandemic rapidly accelerating the digital switchover, the combined entity is poised 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 range of products – across savings, investments, loans, mortgages and checking accounts. Matthijs Aler, CEO of Ohpen, spoke about the acquisition, saying:
“Companies like Ohpen and Davinci are the unsung heroes propelling the true digital switchover in the financial services industry. We are a growing company with great ambitions. Together, we intend to lead the charge by directly challenging legacy suppliers with outdated technology. Our mission is – and always has been – to free financial institutions from legacy software. We can now help a wider range of financial institutions make tangible change to meet the needs of tomorrow’s customers.
Alwin van Dijk, Director at Davinci, concluded:
“Our complementary business offerings and our combined corporate values based on a solid foundation of innovation – we are the only two players to really focus on back and middle office innovation for new AND existing proposals. Now offering a full range of products, this will be a game-changer in the market. There are plenty of opportunities, not only for current and future customers, but also for our experienced staff and we are excited to see what the future holds.
Founded in 2009, Ohpen claims to be the first core cloud banking engine. Built from the ground up by experienced bankers and software developers, the Ohpen platform manages personal savings and investment accounts, with or without a “tax envelope”.