Fidor Bank Overview and Features

Fidor Bank is a German online bank that was founded in 2009. It offers a range of banking services, including current accounts, savings accounts, and credit cards.

One of the key features of Fidor Bank is its mobile banking app, which allows customers to manage their accounts and make transactions on the go. The app is available for both iOS and Android devices.

Fidor Bank is known for its innovative approach to banking, which includes features such as real-time account management and instant payment processing. This allows customers to have more control over their finances and make transactions quickly and easily.

Fidor Bank also offers a range of rewards and benefits to its customers, including cashback and discounts on purchases made with its credit cards.

Fidor is a digital bank that offers a range of financial services, including current accounts, savings accounts, and loans.

It was founded in 2009 in Germany and has since grown to become one of the largest digital banks in Europe.

Fidor's mission is to provide customers with a modern and convenient way to manage their finances, with a focus on innovation and customer experience.

Fidor was founded in Germany in 2019.

Fidor had a significant presence in Germany, with around 350,000 members and 125,000 customers.

Fidor's flagship product was a savings account with a rate indexed to the number of "likes" registered on Facebook.

Fidor expanded to the United States and the United Kingdom, but the details of its presence in these countries are not specified.

Fidor's offer diversified to focus on two activities: a BtoB open-banking service provider and direct services to end customers.

Fidor became interested in crypto-assets early on, signing a partnership with Kraken.

Fidor's acquisition by BPCE in 2016 was for €150 million.

BPCE's investment in Fidor included a €90 million recapitalization in 2018.

Fidor faced compliance problems, resulting in a €3.7 million fine from the Bafin in 2022.

Here's a brief timeline of Fidor's major developments:

Fidor Bank is a bank regulated by BaFin, licensed in the Federal Republic of Germany, and adheres to the applicable laws and guidelines of the country.

They require proof of individual transactions from customers to verify them, which can cause inconvenience and frustration.

Transfers can be blocked for further approval, as seen in the case of Karolina N., who had to send 6,000€ to Switzerland and faced numerous questions and delays.

The bank's response to complaints is to forward the matter to their complaints management team, which will contact the customer directly.

Fidor Bank has a history of being unresponsive to customer inquiries, as evident from Jan Djerberg's experience, who had to send multiple emails and make several calls to get help with a closed account.

Customers may struggle to get assistance, especially if they don't speak German, as Jan Djerberg mentioned he couldn't get anyone to speak English.

Fidor Funding is a crucial aspect of the bank's history. Fidor Bank has raised a total funding of $15.1M over 3 rounds.

Its first funding round was on November 4, 2008. This initial investment helped lay the foundation for the bank's future growth.

Fidor Bank has had two notable Series A funding rounds. The first was on November 4, 2008, for $4.48M, and the second was on October 13, 2011, for $2.57M.

The most recent funding round was a Series B round on August 20, 2013, for $8.01M. This significant investment was led by JZ International.

Here's a list of Fidor Bank's recent funding rounds:

Fidor is not the only bank that offers mobile banking services. Other notable competitors include N26, which was founded in 2013 and is known for its digital banking app that allows users to manage their accounts on the go.

N26 is headquartered in Berlin, Germany, and is available in 25 countries. It offers a range of features, including real-time account notifications and instant money transfers.

Revolut is another competitor, founded in 2015 by Nikolay Storonsky and Vlad Yatsenko. It offers a mobile-only banking app that allows users to manage their accounts, send money, and make payments.

Revolut is available in over 30 countries and offers a range of features, including real-time exchange rates and fee-free spending abroad.

PayPal is also a major competitor, offering a range of digital payment services, including online money transfers and mobile payments.

Fidor Bank uses mTAN for two-factor authentication (2FA) during web login.

This is due to the EU Payment Services Directive PSD2, which has been in force since mid-September.

The PSD2 directive places a high value on security in online banking to protect customers.

Strong customer authentication is a key element of the PSD2 Directive.

Payment service providers and banks must ensure that two of the following three criteria are checked for authentication: something the customer knows, something the customer owns, or something the customer has.

The two-factor authentication required by the PSD2 guideline is implemented in Fidor Bank using mTAN.

If you have any further questions, you can contact Fidor Bank directly.

Fidor Bank's acquisition by BPCE was a difficult tie-up due to cultural reasons, particularly the fintech's avant-garde positioning on crypto-currencies, which hindered collaboration with the bank's teams.

The lack of support from the leaders of the regional banks also weighed on relations with Fidor, which struggled to find its place within the group.

Fidor also encountered compliance problems, resulting in a fine of 3.7 million euros imposed by the Bafin in 2022.

The cost of this partnership failure is estimated at €230 million for BPCE, which had to recapitalize Fidor to the tune of nearly €90 million in 2018, leading to a quick decision to sell the fintech.

BPCE's change of strategy, marked by the handover from François Pérol to Laurent Mignon, contributed to the sale of Fidor, as the group sought to refocus on its internal assets.

Fidor Cards are a type of prepaid card that allows users to make purchases online and offline. They can be used to pay for goods and services worldwide, with no need for a traditional bank account.

Fidor Cards are linked to a digital wallet, making it easy to manage your account and track your transactions. The card can be loaded with funds in various currencies, making it a convenient option for international travel or online shopping.

One of the benefits of Fidor Cards is that they can be used to pay for goods and services in local currencies, eliminating the need for currency exchange. This feature is especially useful when traveling abroad or shopping online from foreign websites.

Fidor Cards also offer a range of security features to protect users' accounts and transactions. These include two-factor authentication and real-time transaction monitoring.

Fidor is a German digital bank that offers a range of financial services to its customers.

Fidor's online banking platform allows users to manage their accounts, pay bills, and transfer money with ease.

The platform is accessible 24/7, making it convenient for customers to conduct financial transactions at their own pace.

Fidor's mobile app enables users to check their account balances, view transaction history, and receive real-time notifications about their account activity.

Customers can also use the app to deposit checks remotely and transfer funds to other Fidor users.

Fidor's customer support team is available to assist with any questions or concerns, providing support via phone, email, or live chat.

Fidor's customer support team is available to assist with any questions or concerns, providing support via phone, email, or live chat.

Fidor's termination process has been criticized for being abrupt and unexplained, leaving customers feeling frustrated and uncertain about their financial situation.

One customer had their account terminated without reason after 2 years of transactions, which can cause significant inconvenience and disruption to their life.

Fidor's customer service responded to the complaint by citing their General Terms and Conditions, which allow for termination without reason.

The bank's response was met with disappointment and a sense of being dismissed, with the customer feeling like they were just a number to the bank.

Fidor's decision to terminate the account without explanation can have a detrimental impact on customers, causing them to lose trust in the bank and its services.

The bank's customer service responded by stating that the termination was not a sign of lack of esteem for the customer, but this did little to ease their concerns.