NatWest Group PLC has entered into a strategic partnership with European Banking-as-a-Service (BaaS) provider Vodeno Group to create a new BaaS business in the UK.
In Brief:
Vodeno Group is a European BaaS provider
This strategic partnership will enable businesses to embed financial services products directly in their ecosystem
It will leverage Vodeno Group’s BaaS technology, and NatWest Group’s banking technology and UK banking licenses.
What does this mean?
NatWest Group Chief Executive Alison Rose said:
“As a leading supporter of UK business, we are committed to investing in digital transformation to provide a simpler and better banking experience for our customers. 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.”
“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. It also complements our existing investment in the development of business banking technology within our Mettle business.”
