We wrote more than a year ago that
a bank consolidation wave was inevitable. This week we saw two significant moves in that direction:
Storebrand buys Kron
Storebrand puts 400 million NOK on the table and takes over the savings and investment Fintech company Kron
. The reason is probably that Kron has managed to capture 70 000 customers (and NOK 7 billion in savings) in a market with relatively little movement outside the big players. Quite impressive by a niche player! It will be interesting to see if Kron manages to keep their challenger position and if Storebrand leverages its new position to cross-sell bank products or insurance.
Visma invests in Aprila Bank
Visma spends NOK 22.5 million and buys just under five percent of Aprila Bank.
In the same agreement, the Visma Group’s less than-a-year-old Norwegian financing company Visma Finance is also taken over by Aprila Bank. The most interesting part here is probably that it is nine months since Visma Finance in Norway was launched, following a model Visma in Sweden uses. Steffen Torp, commercial director in Visma, says that the change of strategy happened because
Visma concluded that their customers do not have the same faith in Visma as a bank as they have in them as a supplier of financial systems. Therefore, it was not strategically correct for them to continue with banking but rather invest in a partner.