Tech

NatWest invests £50m into fintech Vodeno Group

Vodeno Group Natwest

NatWest has made a €58m (£50.4m) equity investment into Vodeno Group, the owner of Polish fintech Vodeno TechCo and Belgium-based Aion Bank to launch in the UK.

Vodeno TechCo provides embedded finance solutions such as payments, deposits, point-of-sale credit and seller cash advances.

“This strategic partnership presents a strong potential source of fee income in a growing market, and an opportunity to deliver sustainable growth by building deeper relationships with our corporate customers,” said Alison Rose, chief executive, NatWest Group.

“It also complements our existing investment in the development of business banking technology within our Mettle business.”

The new UK arm will be 82% majority owned by the British bank, with the rest of the minority interest kept by Vodeno TechCo.

NatWest also will further take a 9.9% minority interest that could increase to 18% if certain criteria are met by Vodeno Group, which entirely owns Vodeno TechCo and Aion Bank.

Wojciech Sobieraj, CEO, Vodeno Group said: “Our fully API-based platform offers a comprehensive suite of BaaS products that enable brands to ‘embed’ financial services directly into their ecosystems to create seamless customer journeys.

“We are excited to combine our technology with NatWest Group to offer the next generation of financial services.”

The deal between NatWest and Vodeno is still subject to regulatory approval from the Financial Conduct Authority, National Bank of Belgium and European Central Bank.

Source uktech.news

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