Czech Banking Software Company (BSC) and Hungarian W.UP have announced the completion of their merger and formation of a new entity Finshape.
Finshape is a digital banking solutions provider that leverages low-code platform development and data analytics to aid in the digital transformation of banks.
Backed by venture capital funding from PortfoLion Capital Partners, this merger is seen as the first move in the strategy to expand across Europe, the APAC, and MENA regions.
BSC CEO Petr Koutný and W.UP CEO József Nyíri will co-lead the combined entity, which has over 600 employees and serves the clients such as Raiffeisen, BNP Paribas, Erste, Société Générale and Alfa-Bank.
Additionally, PortfoLion deputy CEO Jenő Nieder will join Finshape as chairman.
Nyíri said: “One of the main reasons why W.UP and BSC match up well is that our products and knowledge combined will offer banks a one-stop-shop in transforming into truly data- and experience-first businesses.”
Koutný added: “The strategic fit between our firms goes beyond capability building and the benefits it will bring to our customer base. Value, cultural compatibility and a shared vision have also been a key factor in our decision to merge.”
BSC will work with lenders to help them develop their digital platforms, while W.UP will be responsible for analysing consumer data and offering actionable insight.
Nieder said: “The CEE region is a hotbed of digital transformation with great technical talent, advanced digital infrastructure and budding entrepreneurship. I feel privileged assisting the merger of two exceptional teams with regional roots and a global vision as they tap into new markets organically and through future acquisitions.”