The partnership comes on the heels of a strategic collaboration between Humla and SEB’s innovation studio SEBx.
Humla will tap SEBx’s BaaS platform to develop its products and offerings in line with its strategic ambition to bolster the business for ‘the retail of tomorrow’.
SEBx head Christoffer Malmer said: “SEBx is built on top of SEB’s banking license, which allows us to be a complete provider of financial services.
“We want to collaborate and co-create together with innovative partners and look forward to continuing working with the team at Humla – our first banking-as-a-service customer.”
SEB intends to take advantage of the rapidly evolving embedded-finance market and establish its presence in the BaaS spectrum.
Embedding financial services under non-bank brands offers an opportunity for the development and commercialisation of new products, the bank noted.
Humla CEO Emil Eckerrot said: “SEBx provides us with a complete banking platform built on modern technology, which allows us to focus on the customer experience instead of banking regulations. We’re optimistic about the change that we can bring to the industry and are looking forward to bringing Humla to more partners and customers.”
Humla, a startup within the Axel Johnson group, expects to roll out its financial products this year. The partnership will explore further opportunities across the Axel Johnson group.
In 2019, SEB struck a partnership with UK-based software firm Thought Machine as part of its technology exploration.