BSC and W.UP merge to lead data-driven digital bank in Europe
The new entity also secures the venture capital financing of PortfoLion
LONDON, Budapest, Hungary, and PRAGUE, 12 October 2021 / PRNewswire / – Czech Banking software company (BSC) and Hungarian W.UP today announce the success of their merger. The new entity, Finshape, is the leading provider of digital banking solutions combining low-code platform development with data-driven personalization to catalyze digital transformation of banks. Supported by Portfolio capital partners, the merger is the first step in a series of planned expansions through Europe, APAC and MENA regions.
The coronavirus pandemic has dramatically accelerated the digitalization of the financial services industry. Active users of online banking are expected to reach 3.6 billion by 2024, but many incumbents are still slow to catch up with fully digital banks and tech giants.
Realizing that rapid time-to-market is key to accelerating the digital transformation of banks, BSC and W.UP combined their knowledge of low-code banking software with data analytics targeting the financial health of customers. The former will help banks own and grow their digital platforms, while the latter will make sense of their vast customer data and how to best interact with them.
The 600-strong team will serve more than 100 clients, including Raiffeisen, BNP Paribas, Erste, Société Générale and Alfa-Bank. The company will be co-managed by Petr Koutný, CEO of BSC and József Nyíri, CEO of W.UP. The two CEOs share over 40 years of fintech expertise. Nyíri played an active role in the 2013 acquisition of the IND group by Misys, today Finastra. The deal will see Jenő Nieder, deputy CEO of PortfoLion, join Finshape as chairman.
“The CEE region is a hotbed of digital transformation with great technical talent, advanced digital infrastructure and budding entrepreneurship. I feel privileged to support the merger of two exceptional teams with regional roots and a global vision as they exploit new markets organically and through future acquisitions.. “- said Nieder.
“One of the main reasons W.UP and BSC are teaming up well is that our combined products and knowledge will provide banks with a one-stop-shop to transform into truly data and experience-driven businesses. – added Nyíri.
“The strategic fit between our businesses goes beyond capacity building and the benefits it will bring to our customers. Value, cultural compatibility and a shared vision were also a key factor in our decision to merge. – commented Koutný.
 Source: Juniper Research, March 2021