Key Data

• Trading Name: Fidor Bank
• Legal Entity: Fidor Bank AG
• Activities: Neobank
• Location: Munich, Germany
• Regulations: full banking license from the  BaFin
• Key People: Founder Matthias Kröner (Linkedin) and Martin Kölsch (Linkedin)

Fidor Bank is a direct bank based in Munich, Germany, which belongs to the French banking group BPCE.

The bank was founded in 2003 by Matthias Kröner (Linkedin) and Martin Kölsch (Linkedin) and received a full banking license in 2009 and was acquired by Groupe BPCE but continues to use its original name and branding.

In 2006, the company was first renamed Fidor AG and then Fidor Bank AG.

Compared to other German banks, Fidor Bank is rather a small bank with total assets of only 539 million euros

Offering

The business areas include traditional banking business with private customers, and business customers, who are offered the use of the Fidor platform, various processes, and a banking license as part of “banking-as-a-service,” are handled by the subsidiary Fidor Solutions AG.

Its product portfolio includes:

• online savings bonds
• credit cards
• deposit accounts
• investing in foreign currencies or buying precious metals.

The offering to business customers includes a business account, a PrePaid credit card, and financing products. If desired, account users can choose from various crowdfunding offers for companies or individual projects

Fidor cooperates with various trading platforms for cryptocurrencies, such as bitcoin.de or kraken.com (PR42 profile).

News

In November 2022, it was announced that its parent company intends to close the bank in mid-2024.
The reason for this is said to be that Fidor has incurred losses in the triple-digit millions over the last 6 years.

According to the information, new customer business will be discontinued and existing customers will be terminated from the beginning of 2023. Employees were informed at a townhall meeting on Wednesday.

Conclusion

Due to bad ratings on Trustpilot and the fact that Fidor will be closed, we put the bank in our “Orange Compliance” list.