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Opera Launches New Lending Fintech “Nanobank” in Partnership With Mobimagic

Mwakaneno GakwelibyMwakaneno Gakweli
August 21, 2020
in Technology
Reading Time: 2 mins read
Nanobank

Web Software Company and Online News Service Opera Limited has partnered with fintech Mobimagic to form a new service “Nanobank”. The partnership eyes the emerging market, combining Opera’s microlending service, and Mobimagic’s software platform to create a European Fintech, which will drive its revenue for the next year.

The partnership between and Mobimagic will put together data aggregation, risk management and credit scoring as well as shared knowledge which forms the backbone of Nanobank.

The Opera and Mobimagic service had combined user base of approximately 50 million people at launch, expanding to new markets like Mexico as the service comes to scale. By July, the fintech had already disbursed $44 million, expecting more volumes in August, after the official announcement of its formation.

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“We are now taking the next steps to further boost this business — making it even larger, consolidating profitability between two highly successful companies, and realizing benefits of scale to support attractive cash generation,” says Opera CEO and Chairman Yahui Zhou in a news release.

Opera CEO believes that the new company will expand into new markets and products, offering services beyond Microlending which will provide strategic flexibility and benefit shareholders.

Opera will own 42% equity in Nanobank, while Mobimagic’s shareholders will control the remaining 58%. As a result, Opera will report a $100 million one time gain in Q3 results from the deal. An Opera statement reveals that a professional third party advised on the ownership split, valuing each party’s contribution.

However, investors did not take the new of the ownership arrangement kindly. Nasdaq reports that on Thursday, shares of the company fell by 23.6%, after news that Opera will give up majority ownership of Microlending, its fastest-growing business. Opera’s micro-lending business grew by 82% in volume between June and July.

Nanobank will operate as a separate business from Opera, giving both companies room for flexibility.

READ ALSO: Airbnb Submits Paperwork for IPO, Ditches Prospects of Direct Listing


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