German firms FinTech Group and Rocket Internet are teaming up to build a pan-European digital bank.
The bank is just the first stage of a "comprehensive technology partnership" between FinTech Group, which operates several fintech-related brands, and Rocket, the giant startup studio famous for building internet firms based on models pioneered by others.
FinTech Group will use its Bank biw subsidiary's banking license for the new venture and also provide a core IT system and software development services. Meanwhile, Rocket Internet is bringing its expertise in online marketing, user experience, front-end design, internationalisation, and the development of scalable business models to the table.
Frank Niehage, CEO of FinTech Group, says: "We are pleased to have found the perfect partner for creating digital banking services in Europe. FinTech Group’s profile in financial services and the expertise of Rocket Internet in creating scalable, disruptive business models fit together perfectly. We will make this cooperation a success and participate mutually."