New Entity also Secures VC Funding from PortfoLion
Czech Banking Software Company (BSC) and Hungarian W.UP announce the successful completion of their merger. The new entity, Finshape is the first digital banking solution provider combining low-code platform development with data-driven personalization to catalyze the digital transformation of banks. Backed by PortfoLion Capital Partners, the merger is the first step in a series of expansions planned across Europe, the APAC, and MENA regions.
The coronavirus pandemic has significantly accelerated the digitalization of the financial services industry. Active online banking users are expected to reach 3.6 billion by 2024, yet many incumbent players are still lagging in catching up to all-digital banks and tech giants.[1]
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Realizing that fast time-to-market is key to speed-up the digital transformation of banks, BSC and W.UP combined their knowledge of low-code banking software with data analytics targeting customer’s financial health. The former will help banks own and develop their digital platforms, while the latter will make sense of their vast customer data and how to engage with them better.
The 600-strong team will serve over 100 clients, including Raiffeisen, BNP Paribas, Erste, Société Générale and Alfa-Bank. The company will be co-led by Petr Koutný, CEO of BSC and József Nyíri, CEO of W.UP. The two CEOs share over 40 years of fintech expertise. Nyíri played an active role in the 2013 acquisition of IND Group by Misys, now Finastra. The deal will see Jenő Nieder, PortfoLion’s deputy CEO, join Finshape as chairman.
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“The CEE region is a hotbed of digital transformation with great technical talent, advanced digital infrastructure and budding entrepreneurship. I feel privileged assisting the merger of two exceptional teams with regional roots and a global vision as they tap into new markets organically and through future acquisitions.” – said Nieder.
“One of the main reasons why W.UP and BSC match up well is that our products and knowledge combined will offer banks a one-stop-shop in transforming into truly data- and experience-first businesses.” – added Nyíri.
“The strategic fit between our firms goes beyond capability building and the benefits it will bring to our customer base. Value, cultural compatibility and a shared vision have also been a key factor in our decision to merge.”– commented Koutný.
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