Fidor to be liquidated in 2024, current accounts closed beginning of 2023

[Lamb75]

https://finanz-szene.de/unternehmen/fidor-bank/
In two months it will be over for Fidor (according to one source in german fintech press) I will miss this bank, which allowed me access to Binance and Kraken without answering clueless bank employees questions.

 

[JohnLocke]

That's very bad news indeed, sorry to hear that.

 

[dragosaurus]

Yes, they have been a really good neo bank for on/off crypto platforms transactions, working with high amounts without problems and like you said no stupid question and blocking accounts for no reason. I liked them alot because SEPA transfers with kraken where instant.

They already started closing lots of accounts lately, I was also informed that my account will be closed by end of this month. I was informed in september, so more then 2 months to sort things out. Nothing to complain here.

I know other guys who received the same account closure letter with 2 months prior to account closure.

 

[Martin Everson]

So they closed their UK entity and now German.

https://www.fintechfutures.com/2019/07/troubled-fidor-bank-to-shut-down-in-the-uk/
RIP

 

[dragosaurus]

Translated from finanz-szene.de:

"Fidor Bank throws out customers on a large scale - what's behind it?​

by Heinz-Roger Dohms and Christian Kirchner , October 6, 2022

You don't have to take everything that is posted on rating platforms like "Trustpilot" all day long at face value. However, if a) more than 40 customers complain within a week that their bank details have been terminated (usually stated: by the end of November), and if then b) not only is the bank the same in all cases, but c) also the Circumstances are described more or less identically - then it can be said with reasonable certainty: Munich-based Fidor Bank is currently parting with customers on a large scale. And predominantly or even exclusively from those customers who are in the overdraft facility (because according to the descriptions on "Trustpilot" not only accounts were terminated, but above all overdraft facilities were made due immediately)"

The same thing as in my case, notified in september, to be terminated by the end of November.

 

[Lamb75]

So they closed their UK entity and now German.

https://www.fintechfutures.com/2019/07/troubled-fidor-bank-to-shut-down-in-the-uk/
RIP

I still don't understand why BPCE bought it in 2016 : the concept of community talking about money is not only stupid but not suitable in France, where money is considered dirty. So they didn't even try to launch it in France, only in UK where I don't know why it didn't work. Plenty of compettion now with bank licences.

 

[Martin Everson]

I still don't understand why BPCE bought it in 2016 :

French lender BPCE buys German fintech flagship Fidor​

https://www.reuters.com/article/us-bpce-m-a-fidor-idUSKCN1082DV
------ quote start

French banking group BPCE has acquired one of Germany’s best-known online banks, Fidor, to accelerate its push into digital services

For BPCE, France’s second-largest banking group, the acquisition marks the move into digital services as more customers handle their business online.

“This operation constitutes a milestone in the acceleration of the digital transformation of our group,” BPCE CEO Francois Perol said in a statement.

------ quote end

Made sense at time I guess. But Fidor is and always has been a loss making bank. It does not make any money so best to strip the best bits of it and let it die peacefully.

 

[FinTech Avenger]

French lender BPCE buys German fintech flagship Fidor​

https://www.reuters.com/article/us-bpce-m-a-fidor-idUSKCN1082DV
------ quote start

French banking group BPCE has acquired one of Germany’s best-known online banks, Fidor, to accelerate its push into digital services

For BPCE, France’s second-largest banking group, the acquisition marks the move into digital services as more customers handle their business online.

“This operation constitutes a milestone in the acceleration of the digital transformation of our group,” BPCE CEO Francois Perol said in a statement.

------ quote end

Made sense at time I guess. But Fidor is and always has been a loss making bank. It does not make any money so best to strip the best bits of it and let it die peacefully.

Fidor was probably the first "neobank" on the market, so I assume that they were not able to find a right fit with so many more quality projects on the markets.

Still sad to see one of the first crypto-friendly banks on the market to go, even if territorial scope of their services was very limited (Germany/UK)

 

[Milky Moon]

There were big issues with France/German business culture -and- traditional/neo-banking culture.

 

[myhand]

Munich-based Fidor Bank is currently parting with customers on a large scale.

That reminds me of Wire Card which also was a Munich bank and payment processor not long time ago!

 

[Lamb75]

There's also annual Bierfest in Munich. I want to go there to experience it once, but I guess it will be too late to take the opportunity to visit Fidor offices.

 

[myhand]

There's also annual Bierfest in Munich. I want to go there to experience it once, but I guess it will be too late to take the opportunity to visit Fidor offices.

You don't need to go to their office they are all to the Bierfest to drink away their sorrows.

 

[JohnLocke]

I just got informed that kraken is still using Fidor Bank for payments etc. how will that end

 

[Lamb75]

I was using Kraken/Fidor. Now I need a replacement to Fidor (personal account), accepting EU tax residents. Any idea ?