Italian investment banking company UniCredit has agreed to acquire the entire share capital of Vodeno and Aion Bank, in a transaction worth up to €370m.
Based in Poland, Vodeno is a cloud-based banking-as-a-service (BaaS) platform that offers services under a European banking licence through its partnership with Aion Bank.
Established in 2019 in Brussels, Belgium, Aion Bank full-service digital bank that offers a wide range of financial services through its app-based platform.
The acquisition is expected to be completed in the fourth quarter of this year (Q4 2024), subject to regulatory approvals.
UniCredit said the acquisition will have a minimal impact on its consolidated CET1 ratio of around 15 basis points at closing.
UniCredit CEO Andrea Orcel 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 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.”
According to UniCredit, Vodeno and Aion Bank will provide a combined, advanced scalable, and flexible cloud-based platform for both financial and non-financial companies across Europe.
The two entities can embed financial solutions directly into the customer journeys of retailers, e-commerce marketplaces, fintechs, financial technology providers and banks.
The acquisition will allow UniCredit to own a next-generation core banking technology, with a cloud-based, fully operational and scalable digital banking platform.
It will further enhance the Italian lender’s in-house technological expertise, provide a team of experts and developers, and enhance its capability to adapt quickly to market changes.
Also, the acquisition will help UniCredit obtain a separate innovation and testing hub, pursue a new targeted client segment, and market expansion and improve embedded finance offering.
Furthermore, the transaction will enhance its proposition for individuals and SMEs, and strengthen the company’s position in customer experience, said the Italian lender.