UniCredit acquires Vodeno and Aion Bank

The two companies provide a cloud-based platform for Banking-as-a-Service (BaaS), using Aion’s European Central Bank (ECB) licence. This platform offers a range of banking services, including accounts, deposits, lending, and payment solutions, which can be integrated into the operations of various financial and non-financial entities across Europe. 

In the company press release, the Vodeno Cloud Platform is described as a cloud-native core banking system, equipped with smart contracts technology and APIs, and designed to work seamlessly with a bank's processes. This acquisition marks a significant move by UniCredit to gain full ownership of advanced technology, independent of third-party core banking providers.

UniCredit’s new capabilities

In essence, the deal will enable UniCredit to: 

• Acquire a next-generation core banking system with a scalable digital platform and a wide range of products for high-value segments such as affluent clients and SMEs. 
• Strengthen its technological capabilities by integrating a dedicated team of technologists and developers, thereby enhancing its ability to innovate and respond to market changes. 
• Establish an innovation and testing hub to develop and test new solutions. 
• Expand into new European markets through a flexible digital banking model, which could reduce costs and accelerate market entry and solution integration. 
• Improve its Embedded Finance offerings, supporting marketplaces, ecommerce platforms, retailers, and select fintechs with Banking-as-a-Service. 
• Enhance services for individuals and SMEs, potentially improving UniCredit’s position in the digital banking sector. 

In the official press release, officials from UniCredit noted that the acquisition would allow UniCredit to use Vodeno’s technology and talent to advance their own technology initiatives and explore new market opportunities. 

The transaction, valued at approximately EUR 370 million, is expected to have a minimal effect on UniCredit’s consolidated CET1 ratio, with an anticipated impact of about 15 basis points. The deal is projected to close in the fourth quarter of 2024, pending regulatory approvals.