British challenger bank Chetwood Financial has announced the acquisition of core banking provider Yobota for an undisclosed sum.

Yobota’s acquisition is aimed at expanding Chetwood’s banking-as-a-service (BaaS) capabilities.

Notably, both Chetwood and Yobota were co-founded in 2016 by Chetwood COO Mark Jenkinson and the latter still provides core banking technology for Chetwood’s offerings.

Yobota’s platform allows clients to create, run and manage financial products independently.

Chetwood CEO and founder Andy Mielczarek said: “The acquisition is set to bring greater value to investors as well as strengthen our existing BaaS proposition, helping clients create better end-to-end journeys for their customers by handling both the regulatory and technological complexities involved in embedding financial services into existing propositions. Clients of both firms will benefit from our complementary offerings that will enable responsive, dynamic products and solutions not yet seen in the industry.”

Upon the deal’s completion, Yobota will continue to operate as a separate brand under the Chetwood umbrella and offer core banking services to businesses allowing them to run financial services using Chetwood’s banking licence.

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Chetwood will also continue to offer its existing retail products offerings that include Wave, LiveLend, SmartSave and BetterBorrow.

As per the agreement, Yobota CEO and founder Ammar Akhtar will be stepping down from his position, while existing Yobota management will continue to run the company.

Akhtar said: “These last six years have been an amazing journey. We have built a fantastic banking core and there is an extremely talented team in place to take it forward. I am very grateful for all the opportunities and experiences I have had during this time and incredibly proud of the work we have done together.”