UniCredit Announces The Completion Of Vodeno and Aion Acquisition

UniCredit has taken a major decision to acquire the entire share capital of Vodeno and Ajon Bank. The firms provide a flexible and scalable cloud-based platform with banking services based on the ECB license of Aion. Following the acquisition, UniCredit can offer a complete end-to-end Banking as-a-service (BaaS) for companies in both the finance and non-finance segments across Europe.

Vodeno and Aion have features that entrench financial solutions such as payment propositions, lending, deposits, and accounts. These financial solutions can be offered to banks and financial technology providers, financial technology firms, marketplaces, e-commerce, and retailers.

The cloud platform of Vodeno is a major API-based and cloud-based banking system designed with smart contracts technology. The system is incorporated with the procedures and processes of a fully-fledged bank.

UniCredit Can Bolster Its Embedded Finance Position Through The Acquisition

UniCredit has been active in the market as it seeks to bolster its operations through acquisitions. The recent deal represents one of the firm’s moves to gain complete ownership of a new technology.

This means the company will no longer depend on a third party for its core banking infrastructure needs. All services and products will now be provided in-house. This gives the bank more internal control of its technology and processes.

The acquisition will enable UniCredit to have an innovative core banking technology that is scalable, cloud-based, and fully operational. The bank wants to improve its offerings with a wide range of products for high-value segments.

UniCredit Wants To Improve Its Embedded Finance

The acquisition will enable UniCredit to adapt quickly to market changes while allowing innovation to flourish. It can leverage a separate team of developers and experts while enhancing in-house technological experts.

The deal delivers new services to marketplaces, improves the company’s embedded finance position, and bolsters its finance offerings to retailers, e-commerce, and marketplaces. It also improves and delivers Banking-as-a-Service to selected financial technology firms.

Chief Executive Officer of UniCredit, Andrea Orcel, commented on the development. He stated that the acquisition will enable the firm to take advantage of the top technology offered by Vodeno.

It will also give the firm the human resources needed to further enhance its proprietary technology. Vodeno will stand as a launching ground for UniCredit’s journey into the proprietary technology. Additionally, Aion comes with an innovative technology that gives UniCredit the route to expand its base in Europe and enter selected market segments in the region.