I am too involved to give an objective story on this, so here is a summary of the press release.
With this acquisition, SpareBank 1 aims to meet future digital customer needs by delivering the best daily banking services, and is proud to invest in a Norwegian fintech startup.
SpareBank 1 acquires the Norwegian operation of mCASH, and thereby takes over 100,000 users, over 600 merchants, technological platform and POS integrations with major vendors. mCASH was launched in Norway in March 2014 with mobile payment in physical retail, online and mobile commerce as well as P2P-payments.
With this acquisition, SpareBank 1 has an ambition to be the best in daily banking services. It is therefore important for the banks to offer a service that makes it easy for customers to manage their finances in everyday life.
The next few months SpareBank 1 will involve customers, so that together we can create even better services than mCASH already offers. The new service will launch early 2016, and mCASH will expand to markets beyond Norway without by SpareBank 1. This follows a long tradition of supporting local entrepreneurs in Sparebank 1.
SpareBank 1 believe that collaboration with innovative entrepreneurs is Cooperation with innovative entrepreneurs and fintech companies is the right way to renew the financial industry and strengthen digital transformation. SpareBank 1 will look beyond established vendors and internal processes when renewing the industry. Some services will succeed and others will fail. – We have the attitude that we are more afraid to stagnate than to fail, concludes Jan Frode Janson, chair of the SpareBank 1 Alliance.
mCASH is Norwegian entrepreneurial company that pioneered mobile payment in Norway. This is the most complete mobile payment solution in the market. SpareBank 1-owned BN Bank has been involved as banking partner since the beginning of 2014.
SpareBank 1 is an alliance of 16 independent banks, which together are the second largest financial institution in Norway.
Read the full press release here (in Norwegian).