Vodeno Group, a Polish banking-as-a-service (BaaS) infrastructure provider, entered into a strategic partnership with National Westminster Bank (NatWest) to launch BaaS solutions in the UK.

NatWest has invested GBP 115 million (USD 132 million) in this new entity and will assume an 82% stake in it. NatWest will also invest GBP 50 million (USD 58 million) and take a 9.9% interest in Vodeno, with plans to increase it to 18% in the future. The deal between the companies remains subject to regulatory approval from the Financial Conduct Authority (FCA), the National Bank of Belgium, and the European Central Bank (ECB). 

The service will be powered by Vodeno Group’s BaaS technology, NatWest Group’s banking technology, and UK banking licenses. NatWest will also provide its internally developed business banking app Mettle.

Vodeno is a Polish company that offers a cloud-based Banking-as-a-Service (BaaS) solution with a European banking license. Its infrastructure covers several retail and small and medium sized business (SMB) banking services, including digital onboarding, accounts maintenance, local and cross-border payments, cards, lending, and buy-now-pay-later (BNPL) services.