2023-10-20 09:48:16

NatWest to launch BaaS business in UK

Logo Finextra
Finextra
By Editorial Team

UK high street bank NatWest has teamed up with European software vendor Vodeno Group to launch a Banking-as-a-Service (BaaS) business for the UK market.

The partnership will aim to bring together NatWest's banking licence and technology with Vodeno's cloud-based technology platform to target UK businesses and banks.

NatWest already has a business banking app, Mettle, with a payments and core banking capability. The Vodeno Group meanwhile comprises the Polish software arm Vodeno and Belgium-based Aion Bank, which is licensed for a number of banking activities.

AD
AD

The new venture will be majority-owned by NatWest which will have an 82% share with Vodeno holding the remaining 18%. NatWest will also commit £120m to get the project up and running.

“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, said NatWest group executive Alison Rose. It also complements our existing investment in the development of business banking technology within our Mettle business.”

Continue read on finextra.com

AD
Logo Finextra
CryptocurrenciesBy Finextra2023-10-11 10:42:14
Source: ClearBank Aite-Novarica Group today announced the launch of a new study, commissioned by ClearBank, that reveals one in five fintechs are losing $11m...

Logo Finextra
TechnologyBy Editorial Team2024-09-23 08:00:17
NatWest and the Federation of Small Businesses (FSB) have teamed up to analyse and provide support to UK businesses struggling with the cost of living...

Logo Benzinga
Business / FinanceBy Business Wire2024-09-26 06:00:00
A new study from Juniper Research has found the total BaaS (Banking-as-a-Service) platform revenue will exceed $38 billion by 2027; rising from $11 billion...

Logo GlobeNewswire
LHV UK Limited, a subsidiary of AS LHV Group, has made an offer to Bank North Limited, a UK based credit institution, to acquire its small and medium-sized...

Logo Finextra
TechnologyBy Editorial Team2023-10-03 23:06:15
Tyl by NatWest has introduced a new payments terminal and pricing scheme for micro businesses facing up to growing economic hardship. The pocket-sized PAX...

Logo GlobeNewswire
LHV UK Limited, a subsidiary of AS LHV Group, and Bank North Limited, a UK credit institution, completed today, on 17 October 2022, a transaction whereby LHV...

Logo Finextra
TechnologyBy Editorial Team2024-09-22 23:06:15
Finastra and Visa are working on a Banking-as-a-Service collaboration that will enable thousands of banks and financial institutions to offer faster...

Logo PR Newswire
TechnologyPress Release2023-10-17 14:11:00
MINNEAPOLIS, Oct. 17, 2022 /PRNewswire/ -- Enterprise automation solutions provider MHC and software consultancy Elire Inc.today announced their new...

Logo PR Newswire
TechnologyPress Release2024-09-22 14:30:00
New service will enable thousands of banks and financial institutions to offer faster cross-border payouts [1] for their customers via Visa Direct LONDON,...

Logo Finextra
CryptocurrenciesBy Editorial Team2023-10-11 10:24:15
New research from ClearBank and Aite-Novarica Group reveals that half of fintechs are losing $11m per year in product delays due to BaaS...

Logo Daily Mail
Business / FinanceBy Patrick Tooher2023-10-11 21:56:59
The UK arm of Estonias largest financial group has agreed to buy the small business loan book of start-up challenger Bank North for around 20million. The...

Logo Finextra
TechnologyBy Finextra2023-09-30 10:00:19
Source: Chetwood Financial UK digital bank Chetwood Financial has today announced a new partnership with parenting forum Mumsnet, with plans to launch a new...

Logo Finextra
TechnologyBy Finextra2024-09-27 08:24:19
Source: Tribe Payments Payment technology company Tribe Payments, today announced it is providing digital bank, Paytend, with both issuer and acquirer...

Logo Nasdaq
MarketsBy Zacks2024-09-26 15:28:00
Visa Inc. V recently partnered with British financial software applications provider, Finastra, to offer global businesses access to cross-border services in...

Logo RealWire
New research from Aite-Novarica Group, commissioned by ClearBank, reveals the growing pains of BaaS and how fintechs are embracing Embedded Banking 40% of...

Logo The Guardian
Politics2023-10-06 09:29:21
High street bank bosses will tell the chancellor, Kwasi Kwarteng, that they have growing concerns over the state of the UKs mortgage market when they gather...

Logo Finextra
TechnologyBy Finextra2023-10-17 12:48:18
Source: Genuisto Agribusiness Rural Bank, Inc. (Agribank), one of the leading rural banking institutions in the Philippines, has launched an innovative new...

Logo EIN Presswire
AssistiveTech poised for rapid growth in the UK, tackling key socio-economic challenges. The global AssistiveTech market was valued at $20.7 billion in 2021...

Logo GlobeNewswire
TechnologyPress Release2024-09-22 11:00:00
New specifications and capabilities enable enterprise Java developers to build lightweight applications suitable for microservices BRUSSELS, Belgium, Sept....

Logo RealWire
Logicalis UK&I’s supportive and collaborative environment is just one of the reasons why its employees believe it is a great place to work London, UK,...