The pan-European commercial bank UniCredit has announced the acquisition of the entire share capital of Vodeno, a Polish banking as a service cloud native platform. As part of the announcement, UniCredit also acquired the shares in the Belgian Aion Bank.
The details of the deal
- As stated in the press release, the Companies combine an innovative, scalable, and flexible cloud-based platform with banking services based on Aion’s ECB licence to enable fully end-to-end Banking-as-a-Service (BaaS) for both financial and non-financial companies across Europe.
- Aion Bank/Vodeno are able to embed financial solutions, including accounts, deposits, lending and payment propositions, directly into the customer journeys of retailers, e-Commerce marketplaces, fintechs, financial technology providers and banks.
“This investment enables us to leverage Vodeno’s technology and talent to further develop their proprietary technology using it as a sandbox to develop, test and innovate for the benefit of our broader group. The combination of Aion Bank with the integrated technology provides the route to enter targeted client segments and entire markets across Europe, providing additional opportunities to attractively deploy our excess capital,”
Andrea Orcel, Chief Executive Officer of UniCredit, said.
The combined purchase price for the 100% acquisition of the companies is around €370 million.
About Vodeno
Founded in 2018, Vodeno is a leading European Banking-as-a-Service provider that combines its proprietary platform with services based on the ECB banking licence of its partner, Aion Bank.
The Vodeno Cloud Platform is a state-of-the-art, cloud-native core banking system built with smart contracts technology and API-based, integrated with the processes and procedures of a fully-fledged bank.
