Vodeno

What Vodeno does

Vodeno is a Banking-as-a-Service (BaaS) provider founded in 2018 and headquartered in Warsaw, Poland, operating a cloud-native, API-based core banking platform (Vodeno Cloud Platform, VCP) built on Google Cloud architecture and incorporating smart-contract-enabled banking processes. Through its subsidiary Aion Bank, which holds a full ECB banking license supervised by the National Bank of Belgium, Vodeno combines proprietary technology with a regulated banking layer to deliver services across 15 EU markets without requiring partners to obtain their own banking licenses.

Vodeno serves enterprise and mid-market clients including retailers, e-commerce platforms, fintechs, SMEs, and digital marketplaces that want to embed financial services directly into their customer journeys. The product portfolio spans current and savings accounts with local IBANs (BE, DE, PL, SE), cards-as-a-service issued with Mastercard (including decoupled debit and BNPL), local and cross-border payments (SEPA, instant, SWIFT, Blik, Elixir), lending-as-a-service (BNPL, cash loans from EUR 3,000 to EUR 35,000, merchant financing, salary advance, overdrafts), investment-as-a-service via ETFmatic, digital onboarding, virtual IBANs, and a compliance suite with 500+ automated AML/KYC controls. Vodeno reaches 5.5 million end customers through several dozen BaaS partners and integrates nearly 90 third-party fintechs into VCP via hundreds of open APIs.

Vodeno monetizes through subscription-based platform fees, transaction and payment processing fees, and usage-based lending revenue. The company was acquired by UniCredit S.p.A. in March 2025 for an aggregate EUR 376 million (combined with Aion Bank) and now operates as UniCredit's group-wide BaaS platform, using Poland as operational hub while generating revenues from Western European markets including Germany, Italy, and Spain. Prior to the acquisition, Vodeno Group was majority-owned by Warburg Pincus, with NatWest Group holding an 18% minority stake acquired in October 2022 alongside a UK BaaS joint venture.

Name

Vodeno

Legal name

Vodeno Sp. z o.o.

Website

https://vodeno.com

Company type

Private

Founded year

2018

Operating status

Operating

Headcount range

251–500 employees

Short description

Vodeno is a cloud-native Banking-as-a-Service platform headquartered in Warsaw, Poland, serving European retailers, fintechs, SMEs, and marketplaces with embedded accounts, cards, payments, lending, and investment products via its API-based Vodeno Cloud Platform and Aion Bank's ECB banking license.

Ownership category

akta.pro rank

Product category

Banking-as-a-Service Platform

NAICS

Nondepository Credit Intermediation (5222), Computing Infrastructure Providers, Data Processing, Web Hosting, and Related Services (5182)

SIC

Functions Related To Depository Banking, Nec (6099), Finance Services (6199)

akta.pro primary industry

BaaS Platforms & Sponsor Bank Enablement (FSAGALAA)

akta.pro secondary industries

Core Banking & Ledger Systems (Cloud Core, Deposits, Accounts) (FSAGAAAC), Embedded Lending & Credit (POS, Working Capital, Credit Lines) (FSAGALAD), Embedded Deposit Accounts & Digital Wallet Infrastructure (FSAGALAE), Risk, Compliance & Controls for Embedded Finance (KYB/KYC/AML, Fraud, Disputes) (FSAGALAK), SME Banking Suite (Business Accounts, Invoicing, Payroll Integrations) (FSAGAAAI)

Keywords

• Banking-as-a-service platform
• Embedded finance infrastructure
• Cloud-native core banking
• API-based banking platform
• White-label financial products

Headquarters

HQ city

Warsaw

HQ country

Poland

HQ region

Europe

Offices3 records

Markets served

GTM type

B2B

Offering type

Software

Cost components

Technology or R&D, Personnel, Operations, Infrastructure, Marketing or Sales

Revenue model

1. Banking-as-a-Service Platform Fees: BaaS platform subscription and usage fees from providing access to banking infrastructure, compliance, and regulatory expertise to regulated and non-regulated entities.
2. Transaction and Payment Processing: Fees from processing payments, card transactions, and cross-border transfers through their platform infrastructure.
3. Lending Products: Revenue from embedded lending products including BNPL, cash loans, merchant financing, and salary advance offerings.
4. Investment-as-a-Service (IaaS): White-labelled ETF investment solutions integrated through the platform for retail investors.

Pricing tiers

Go-to-market motion2 records

Distribution channels3 records

Marketing channels7 records

Core offering

Vodeno provides a cloud-native, API-based Banking-as-a-Service (BaaS) platform — the Vodeno Cloud Platform (VCP) — that enables businesses to embed retail and SME banking products, including accounts, cards, payments, lending, and investments, into their own ecosystems. The platform combines proprietary smart-contract-enabled core banking technology built on Google Cloud with access to a full ECB banking licence through its partner Aion Bank.

Product overview

Vodeno offers a comprehensive Banking-as-a-Service (BaaS) platform that combines a cloud-native technology platform with access to a full banking licence through Aion Bank. The core offering is the Vodeno Cloud Platform (VCP), an API-based system that provisions the broadest range of retail and business banking solutions. The platform integrates nearly 90 fintech partners into a single ecosystem. Product portfolio includes: Current Account and Savings Accounts for deposit management, Cards-as-a-Service for debit/credit card issuance, Payments for local/cross-border transactions, Lending-as-a-Service (including BNPL, cash loans, merchant financing, salary advance), Investment-as-a-Service for ETF investments, Digital Onboarding for KYC/AML compliance, and Virtual IBAN for multi-currency account management. All products are white-label ready and accessible via single API integration.

Differentiator

Problem solved

Functional benefit

Products and services

• Vodeno Cloud Platform (VCP) State-of-the-art, cloud-native core banking system built with smart contract technology and fully API-based. Provides comprehensive BaaS infrastructure for provisioning retail and business banking solutions through a single API integration.
• Cards-as-a-Service

Quantifiable outcome

• Research shows 20-30% increase in conversion for retailers offering BNPL at checkout
• +4 more outcomes

Named customers6 records

Segments4 records

Ideal customer profiles4 records

Technology focussed Yes

API detail

Has API

Yes

API docs

API detail

Core technology

AI maturity

App detail

Integration1 record

AI capability3 records

Feature5 records

Partnerships

Ten partnerships are on record, tiered flagship, core, major and notable.

• UniCreditflagshipStrategic or Co-development Partner · 7 March 2025UniCredit completed acquisition of Vodeno and Aion Bank for EUR 376 million in March 2025. Vodeno positioned as group's Banking-as-a-Service platform serving partners across Europe, leveraging Poland as operational hub while generating revenues from Western European markets including Germany, Italy, and Spain.
• Aion BankcoreStrategic or Co-development PartnerAion Bank holds full ECB banking license supervised by National Bank of Belgium, with branches in Poland, Germany and Sweden. Vodeno combines its technology with Aion Bank's license to offer BaaS solutions across 15 EU markets.
• MastercardcoreTechnology or IntegrationPartnership for card issuance and transactions processing. Optional decoupled debit and BNPL built into cards. Mastercard Open Banking Connect gateway enables Tricount integration.
• NatWest GroupflagshipStrategic or Co-development PartnerStrategic partnership to create a Banking-as-a-Service business in the UK. New UK entity combines Vodeno's technological capabilities with NatWest Group's banking technology and UK banking licenses. NatWest committed to invest €58m for 18% minority stake in Vodeno Group and capped commitment of £120m for new UK entity.
• TricountcoreImplementation/ SI/ Consulting PartnerBelgian fintech serving 5.2+ million registered users. Vodeno enabled one-click in-app bank transfers for expense management through partnership with Aion Bank and Mastercard, removing friction from expense settlement process.
• METRO AG (METRO Financial Services)majorTechnology or IntegrationPartnership to create banking products for HoReCa sector SME customers including decoupled debit card with up to 1% cashback and BNPL integration for flexible payment options up to 60 days or 48 monthly installments.
• Google CloudcoreTechnology or IntegrationVodeno is first banking platform built on Google Cloud architecture. Certified Google Partner tested for scalability and agility in handling large transactional volumes through Vodeno Cloud Platform's suite of APIs.
• ETFmaticcoreTechnology or IntegrationAion Bank acquired leading wealth management platform ETFmatic in 2021. Vodeno offers Investment-as-a-Service (IaaS) giving access to global portfolios through ETFmatic alongside provisions from Aion Bank for security, legal and regulatory requirements.
• UnitPlusnotableTechnology or IntegrationGerman fintech partnership to launch world's first ETF investment product with seamlessly integrated payment function. Users can access investments and 'pay with their portfolio' via UnitPlus debit card.
• TalenthousenotableTechnology or IntegrationPartnership to launchelloU banking service designed for creatives, freelancers and consultants. Removes friction and fees and speeds up invoice payments for creative community.

Scale indicators9 records

Recent moves7 records

Expansion highlights6 records

Direct peers

• Solaris SE: Berlin-based Banking-as-a-Service platform providing API-based banking infrastructure with a full German banking license, directly competing with Vodeno in the European embedded finance market. Both offer accounts, payments, cards, lending, and KYC services to fintechs and corporates.
• Banking Circle: European BaaS and payments infrastructure provider offering accounts, payments, FX, and lending-as-a-service to fintechs, banks, and corporates. Direct competitor to Vodeno in serving the European embedded finance market with regulated banking infrastructure.
• Mambu: Cloud-native core banking platform serving banks, fintechs, and lenders across Europe and globally. Directly comparable to Vodeno's Vodeno Cloud Platform as a SaaS banking engine, though Mambu typically provides the core ledger while partners handle the regulated banking layer.
• Thought Machine: Cloud-native core banking technology provider with Vault platform, serving major banks globally including Lloyds, JPMorgan, and Standard Chartered. Competes with Vodeno in providing next-generation core banking infrastructure to financial institutions and BaaS providers.
• Marqeta: Modern card issuing and payment platform enabling companies to build and deploy payment card programs. While more focused on cards-as-a-service, it competes with Vodeno in the embedded finance and BaaS space, particularly for partners needing card issuance at scale.
• Treezor: French-licensed payment institution offering Banking-as-a-Service solutions including accounts, cards, payments, and KYC. Acquired by Société Générale, Treezor competes directly with Vodeno in the European BaaS market, particularly in France and the Benelux.

Broad incumbents

• Stripe: Global payments and embedded finance platform with Stripe Treasury and Stripe Issuing, providing accounts, cards, and lending infrastructure. While much broader in scope, Stripe competes with Vodeno for embedded finance clients, especially in the US and UK markets.
• Adyen: Global payments platform serving large enterprises with unified commerce, payments, and embedded financial products. As a broad incumbent in payment processing and embedded finance, Adyen competes with Vodeno's payments and card issuing capabilities at the enterprise end of the market.

Emerging players

• Plaid: Open banking and financial data network enabling account verification, balance checks, and transaction data access. Overlapping with Vodeno's open banking and account verification capabilities, particularly relevant given the Mastercard Open Banking Connect partnership.
• 10x Banking: Cloud-native core banking platform for challenger and incumbent banks, with clients including JPMorgan and Westpac. Comparable to Vodeno as a next-generation core banking technology provider, though more focused on serving traditional banks modernizing their core systems.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat6 records

Key risks6 records

Key highlights7 records

Customer concentration

• Xx.com/vodenotech
• LinkedInlinkedin.com/company/vodeno

Compliance3 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles9 records

Subsidiaries1 record

Funding overview

Funding rounds1 record

Investors1 record

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Vodeno