JACKSONVILE, Fla. - (10/06/04) -- Fidelity National Financial Inc.said it has completed the acquisition of a majority stake inKordoba GmbH & Co., a German provider of outsourcing solutionsto the German market, from Siemens Business Services. Under thedeal, Fidelity National will own 74.9% of Kordoba and Siemens willretain a 25.1% stake.
The neobank reported a 25% year-over-year increase in revenue for the quarter ended March 31, with active users jumping 19% to 10.2 million. The company also raised its full-year 2026 guidance and authorized a $200 million share repurchase program.
The newly opened bank founded by big tech executives reached the deposit milestone within its first quarter of operations, according to a recent call report.
Banks are mixed in their adoption of buy now/pay later and installment lending, according to American Banker research. Those that offer or are planning to offer it say that the primary motivating factor is to stay competitive.
Citi payments exec Driss Temsamani said there's more work needed to bridge gaps to enable artificial intelligence to work broadly for payments and finance.
On Thursday, Citi will hold its first investor day in four years. The megabank, which has undergone substantial change under CEO Jane Fraser, is expected to share its strategy for driving higher profitability, deploying AI and ramping up shareholder returns.
In addition to 10 new AI agents for financial services, the company announced partnerships with software and data providers FIS, Microsoft, Verisk, Third Bridge, Fiscal AI, D&B, Experian, GLG, Guidepoint and IBISWorld.
