Ohpen, a fintech platform that aims to bring banking to the cloud, has acquired cross-border loan and mortgages Software as a Service (SaaS) provider Davinci.
The combination of these two companies will allow Ohpen to address the USD 300 billion global bank IT spending market as it targets international expansion, according to the official press release. Integrated via a plug-and-play API, Ohpen will become a cloud-native core banking engine offering products such as across savings, investments, loans, mortgages, and current accounts.
Ohpen aims to support retail banks, asset managers, insurers, building societies, lending and mortgage specialists, online brokers, and private banks to build new propositions and migrate complex legacy products into the cloud within a matter of weeks. The company offers a serverless microservices platform, leveraging shared Amazon Web Services (AWS) capabilities, and is set to support multiple countries.
Ohpen will focus first on scaling up across the Netherlands, UK, and Belgium with development centres also in Spain and Slovakia, before entering other markets. Davinci provides machine learning and artificial intelligence functionalities.
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