Dutch FinTech Five Degrees has acquired Icelandic banking IT provider Libra as part of its international growth plan.
The deal adds value for customers of Five Degrees through its core banking solutions in the field of securities and loans, offering a clear roadmap to retire obsolete and expensive back-end systems.
Libra employs over 40 professionals with core banking expertise, specialised in the same technology stack as Five Degrees, making interaction and exchange much easier.
“It is the ambition of Five Degrees to expand internationally and achieve a global market leadership position in digital banking,” stated chief executive Martijn Hohmann. “This acquisition represents a perfect opportunity to accelerate progress and deliver value to our clients and employees.”
Libra chief executive Thordur Gislason explained Libra has been actively seeking opportunities to grow for the last few years to support customers and the Icelandic financial market into the future.
“To become a part of Five Degrees enables us to support our clients with new technology, products and services. Besides, it creates opportunities to utilise our knowledge and experience in a larger market,” he added.
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