UniCredit has announced that it has entered into a binding agreement for the acquisition of the entire share capital of Vodeno and Aion Bank.
The companies combine a 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.
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Aion and 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.
The Vodeno Cloud Platform is a cloud-native core banking system built with smart contracts technology and API-based, integrated with the processes and procedures of a fully-fledged bank.
The acquisition bolsters UniCredit’s embedded finance proposition
The transaction represents one of the first moves by a bank to acquire full ownership of a new technology (without any dependencies from third-party core banking providers) and will allow UniCredit to own a next-generation core banking technology, with a cloud-based, fully operational and scalable digital banking platform and a comprehensive range of products for high-value segments.
It will further enhance in-house technological expertise, leveraging a separate team of expert technologists and developers, enhancing our capability to innovate and adapt swiftly to market changes.
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By GlobalDataThe acquisition improves its embedded finance offering, bolstering UniCredit’s embedded finance proposition, delivering new services to marketplaces, e-commerce, and retailers, as well as providing Banking-as-a-Service for select fintechs.
Andrea Orcel, Chief Executive Officer of UniCredit, said: “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 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.”
