Vodeno combines an API-based, cloud-native platform with an ECB licence via Aion Bank. Vodeno/Aion offers comprehensive embedded financial services for banks, lenders, and merchants across multiple sectors, meeting regulatory demands while enabling innovation at speed. Vodeno & Aion are separate companies, backed by global private equity firm Warburg Pincus LLC.
Website
https://vodeno.com/
Active since
2019
Head office
Warsaw, Poland
Country offices in
Poland, Brussels, Spain, London
Geographical coverage (operational area)
Aion Bank has 4 Branch licenses – BE, PL, DE, SE and ability to passport to 15 EU countries.
Founder
Wojciech Sobieraj
Funding rounds and investors
Warburg Pincus (2018 – not disclosed), NatWest Group (2022 – EUR 58 million, EBRD (2023 – EUR 50 million)
Number of employees
400+
Contact
https://vodeno.com/contact-us/
The company`s core solutions
Cloud-native, API-based technology, with the proprietary core system and services based on an ECB licence; a comprehensive suite of products: cards, accounts, access to IBANs/payments, lending, savings and investments.
Major use cases & Products
BaaS products offered: cards issuing, current & savings accounts, payments, AML/KYC, digital onboarding, compliance, digital banking, lending, ETF investing.
Specialisation/Verticals
Comprehensive BaaS product suite for both Retail & Corporate end users: Vodeno/Aion is a full-fledged BaaS operator offering API-based banking products i.e. tech stack AND banking license/compliant banking operations.
Competitive advantage
Our differentiator is our combination of proprietary technology with services based on a full ECB licence. We are unique, as most BaaS players are only IT providers or possess a limited EMI licence.
Target customers
Target clients are ecommerce savvy platforms, recognised brands, who seek for embedding banking services in order to improve their core product/customer journeys and improve customer loyalty: traditional retailers, eCom/marketplaces, banks/neobanks, and fintechs.
Current customers
METRO DE, Revolut PL, Moneyflow DK, Dreams SE
Technologies/tech stack/capabilities
The whole architecture for the BaaS business is based on API connectivity to our platform to ensure the possibility to use only needed services and products. To cover properly the scalability and robustness of the solution we based it on the several regions in the Google Cloud Platform. The solution was designed for the beginning to be served from the cloud so we can call we are proud to call it the cloud native - everything is done as a code with the right flow of CI/CD. Our solution is designed in a way like Lego blocks which allows our BaaS Partners to embed it seamlessly into the core of their own business activities.
Technology partners
Google (Google Cloud Platform) + API-based fintechs covering KYC/AML, credit management, payment processing, etc.
Bank partners
Aion Bank (Europe), NatWest Group (UK)
Go-to-market strategy
We offer our BaaS clients GTM support, including:
Category
Full stack BaaS provider (modern tech stack + banking license)
The key layers that the provider is active in
Full End-to-End BaaS Offering; Proprietary API-Based, Cloud-Based Platform & Banking License-Enabled; ability to provide end users with a full suite of digital banking services inc cards, accounts, payments, plus lending, access to payments/IBANs, savings and investments.
Licence
Full ECB license via Aion Bank
Actions taken to reduce or prevent the negative impacts of potential risks
BaaS commercial success is tied to the client’s ability to market and acquire users. Our ‘Account Managers’ ensure a successful commercial launch, and our ‘Growth team’ supports clients with GTM execution.
Pricing model
Pricing available on request: https://vodeno.com/contact-us/
Revenue streams
Fixed ARR for delivery of API based services; Variable revenue per user/transaction; Net interest margin from lending/savings
Examples
https://vodeno.com/how-wholesale-giant-metro-ag-used-baas-to-solve-their-customers-biggest-pain-points/
https://vodeno.com/how-banking-as-a-service-enabled-tricount-to-expand-its-offering/
https://www.natwestgroup.com/news-and-insights/news-room/press-releases/our-updates/2022/oct/natwest-and-vodeno-create-strategic-partnership.html
Planned features and releases/future plans
For more details, please contact: https://vodeno.com/contact-us/