NatWest spins Mettle tech into banking-as-a-service venture

NatWest digital SME bank Mettle has broken new ground in its partnership with Polish fintech firm Vodeno.

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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