Internet company Opera is moving into financial services with the launch of Dify, an in-browser cashback service and digital wallet for online shopping.
Launching first in Spain, the the initial version of the Dify app ships with a current account, a free virtual debit card issued by Mastercard, as well as Google Pay support for offline spending.
The company intends to expand the service across the EU, where it currently claims 50 million active users.
The business developments that preceded the launch included the January 2020 acquisition of Estonian banking-as-a-service startup, Pocosys and takeover terms for the buy out of Lithuanian digital bank Fjord Bank.
“The total size of Opera’s investment into Dify is expected to exceed $100 million over the next few years, given we scale as expected," says spokesperson Krystian Kolondra, EVP browsers & EEA fintech at Opera. "This includes acquisitions, development cost and our marketing and distribution plans.”
The first version of the Dify app will allow consumers to receive ecommerce cashback for purchases made on partner websites accessed through the Opera browser. Partner brands, which include Nike, Sephora and Asos, will appear in a new shopping-related trab on the Opera browser.
Says Kolondra: “Every day millions of people shop online and make their payments using the Opera browsers. With Dify, we are making the browser and a superior wallet work better, together, to improve users’ shopping experience and also make it financially rewarding”.
In the future, Opera’s plans include offering more wallet services like savings management, credit, investment opportunities and instant cashback.