NatWest’s BaaS will allow businesses to embed financial services into their ecosystem. Credit: Yannick McCabe-Costa from Pixabay.

Banking group NatWest has formed an alliance with Vodeno Group to launch banking-as-a-service (BaaS) in the UK. 

The collaboration is aimed at allowing businesses to embed financial services such as payments, deposits, point-of-sale credit and merchant cash advances into their ecosystem. 

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European BaaS provider Vodeno, which is majority owned by Warburg Pincus, comprises Poland-based Vodeno Sp Z.o.o (Vodeno TechCo), a software company and Belgian lender Aion Bank. 

As part of the partnership, a new UK-based firm will be set up to bring together Vodeno’s technological and operational capabilities, its cloud platform along with NatWest’s banking technology and expertise.

National Westminster Bank will own an 82% majority stake in the new entity and the remaining stake will be held by Vodeno TechCo. 

NatWest group chief executive Alison Rose said: “By entering into this strategic partnership with Vodeno Group we will be able to meet the evolving needs of our business customers as they look to embed financial products in their own propositions and journeys.

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“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.”

Vodeno CEO Wojciech Sobieraj added: “Consumers require high quality and accessible banking products that are end-to-end digital, and Banking-as-a-Service is making this possible. 

“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.”

In May this year, media reports emerged that NatWest is looking to launch a new digital bank for small businesses in its home market.