Modularbank Founders Sell their First Venture to Europe’s Largest Unicorn

  • Banking
  • 16.06.2021 03:45 pm

The founding team of Modularbank, the next-generation core banking platform, have today announced that they have sold off their first venture, financial software development firm, Icefire, to, the largest unicorn in EMEA and fourth largest fintech in the world. 

Icefire has been providing financial services solutions to both the public and private sectors for two decades. It has helped digitally transform several Nordic banks and played a key role in digitalising the Estonian financial services landscape and making it one of the most advanced in Europe. Customers include Skype, Swedbank, OP Financial Services, LHV, Bigbank and the Estonian Tax and Customs Board. Most recently, the company supported the development of the Estonian COVID-19 application, HOIA. Having built up the company and acquired expertise in the banking and financial services sector, the owners of Icefire (Vilve Vene, Rivo Uibo, Ove Kreison, Jan Lakspere and Jüri Kirme) went on to set up Modularbank, a next-generation core banking platform enabling banks, fintechs and any other type of company to rapidly roll out tailored financial services.

The acquisition of Icefire and its 110 technology engineers will help achieve its goal of creating a ‘one-stop shop’ for all things related to payments. Icefire was chosen for its outstanding track record in building complex modular financial systems over the past 18 years and its proven expertise in the sector. 

Vilve Vene, Co-founder and CEO at Modularbank and former co-founder at Icefire said: We are excited for the opportunity this acquisition offers the team at Icefire to start a new chapter with one of the world’s most promising fintechs. Having gained a huge amount of experience of developing banking technology at Icefire, our aim now, as founders of Modularbank, is to apply this learning and dedicate our efforts to creating the next generation of financial services that has the power to shape the global understanding of the role of financial services in society. ”

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