UniCredit set to acquire Aion Bank and BaaS provider Vodeno for €370 million

Key Points:

1. Acquisition Agreement:
   • UniCredit has signed a binding agreement to acquire Aion Bank and Vodeno for approximately €370 million.
2. Strategic Benefits:
   • The acquisition introduces next-generation core banking technology and enhanced embedded finance capabilities to UniCredit.
   • Eliminates dependencies on third-party core banking providers.
3. Existing Partnership:
   • Aion Bank and Vodeno have a close partnership within the same group.
   • Vodeno uses Aion Bank’s EU banking license in Belgium to provide regulated banking services throughout Europe via its cloud-native, API-based BaaS platform.
   • Aion Bank leverages this platform for core banking operations, payment processing, and customer onboarding.
4. Ownership and Personnel:
   • The deal includes the entire share capital of both companies.
   • UniCredit will acquire 200 engineers, developers, and data scientists.
   • Expected completion is in Q4 2024.
5. CEO’s Statement:
   • UniCredit CEO Andrea Orcel emphasizes leveraging Vodeno for sandbox development, testing, and innovation.
   • Plans to use the combined technology to enter new client segments and markets across Europe.
   • Aims to deploy excess capital attractively through this acquisition.
6. Backing:
   • The group is backed by private equity firm Warburg Pincus.