Our Norwegian friends from Monobank merged with BRAbank. A “good” deal indeed
10.07.2019 Share +
You might have read quite a bit about our Norwegian friends from Monobank in the past weeks. There’s a great reason for that: Last year we acquired close to 10% from the Norwegian digital bank, allowing both banks to exchange best practices and know-how that keep us on track on our journey to becoming a next gen digital lender. In June, Monobank’s CEO Bend Gjedem visited us to share his experience. After all, there’s plenty to learn from a man who built a bank from scratch and just within a couple of years can boast one of the most user-friendly banking apps in the world.
In July, Monobank merged with BRAbank, one of the most ambitious mobile banks in Scandinavia and from now on both will operate under a common brand - BRAbank. Synergies are strikingly obvious: Both banks are founded in Norway, operate entirely digitally, cover Norway and Sweden (with Monobank also lending in Finland), offer credit cards, consumer loans, and deposits. But here’s why that’s a really, good deal: “Monobank has plenty of customers while BRAbank has plenty of capital but don’t have many customers”, shares Bend Gjedem. Oh, and there’s more to it. BRAbank actually means “good” bank in Swedish. So, it seems that Monobank and BRAbank are entering into a great relationship. It goes without saying that we wish them all the best.