Coolest Brands 2015: Fidor
Hang ‘em From the Yardarm!
You know something is different when a bank, yes, a bank hosts its developer day events at the URL www.pirates-of-banking.com.
There is but one bank that does so: Fidor Bank of Germany.
Fidor has quickly become the poster child for the anti-bank bank, especially now that Simple has been swallowed up by BBVA. Fidor is an API-toting, hackathon-sponsoring, branchless-operating, digital-only banking startup. It has embraced cryptocurrency in a way few other banking enterprises have. It has created innovative twists on staid banking products, like checking accounts. And it has not been afraid to loudly mouth off at traditional banking (see video below).
It has found some degree of success. Fidor, which is publicly traded on the Frankfurt Open Market exchange, added about 51,000 “users” last year to total approximately 264,000, a 24% year-over-year increase. All its financial metrics — loans outstanding, deposits, assets, etc — grew at double-digit rates last year, with lending increasing the most: 41% to $233 million outstanding.
And now Fidor is planning to “invade” the US market with its unique brand of innovative, branchless products and moxie.
Not bad, for a pirate.
