Under the deal, Bendigo will acquire 100% of the shares in Ferocia, which will see the two companies consolidate the ownership of their digital banking app, Up. Since its inception in 2018, Up has been operating under a collaboration model between Ferocia and Bendigo and Adelaide Bank.
The bank has also been working with the fintech firm for the last nine years on building Bendigo's e-banking app and internet banking platform. Under the terms of the deal, Ferocia will continue to operate independently as a standalone division of Bendigo and Adelaide Bank.
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