NatWest is transferring core technology and staff from its digital small and medium-sized enterprise bank, Mettle, into a new UK-focused partnership with Vodeno, a pan-European banking-as-a-service firm majority owned by Warburg Pincus.
Amid a more circumspect fintech funding market, NatWest is making a capped commitment of £115 million into the new partnership, aiming to break even within five years. It is also investing €58 million in Vodeno, which will in turn own 18% of the joint venture.
This is very unique: having a very modern IT architecture yet adjusted to the needs of a big incumbent
Wojciech Sobieraj, Vodeno
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