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COBALT advised the sale of fintech PocoSys to Opera

2020-01-27

The Nasdaq‑listed Opera group, known best for its Opera web browser, has closed the acquisition of banking-as-a-service provider PocoSys and signed an agreement to further acquire its sister company, the EU-licensed payment institution, Pocopay. 

PocoSys and Pocopay provide business to business banking-as-a-service solutions to third party fintechs. The companies have previously engaged in business with companies from Japan, Ghana and the United Kingdom. The acquisition of the Poco entities marks Tallinn, Estonia becoming Opera’s second European hub for fintech services following Gothenburg, Sweden. The acquisition of Pocopay needs the further approval of the Estonian Financial Supervision Authority. Until then, Pocopay has entered into an interim commercial relationship with the Opera group.

COBALT advised the seller in the transaction, Poco Holding, supporting the seller with the entire transaction process from term sheet to closing on both the acquisition as well as the commercial arrangement. The client was advised by partner Peeter Kutman and associate Sven Böttcher. 

The transaction is covered in further detail in Yahoo Finance and Äripäev.

Image source: opera.com