# Vodeno
Vodeno is a Warsaw-based banking-as-a-service (BaaS) technology company founded in 2018, whose cloud-native core banking platform is paired with the banking license of its Belgian partner Aion Bank; it was acquired together with Aion Bank by [UniCredit](https://www.edgepedia.org/unicredit) in a deal announced in July 2024 and completed in March 2025.
| Fact | Detail |
|---|---|
| Founded | 2018, Warsaw, Poland (legal entity Vodeno Sp. z o.o.)[1](https://en.ain.ua/2024/07/25/unicredit-acquires-vodeno-a-polish-banking-as-a-service-cloud-native-platform/) |
| Sector | Banking-as-a-service / core banking technology |
| Institutional investor | Warburg Pincus listed as an investor (unverified directory data)[2](https://tracxn.com/d/companies/vodeno/__qFAZed5LBEvJEt5HlAmMxpY4s_MQPWvQw5BaCDNnRu8) |
| Key partnership | NatWest Group strategic BaaS partnership, October 2022[3](https://baas.com/registry/vodeno) |
| Outcome | 100% acquired by UniCredit with Aion Bank for around EUR 370m combined; agreement 24 July 2024, completed March 2025[4](https://www.unicreditgroup.eu/en/press-media/press-releases-price-sensitive/2024/july/unicredit-announces-investment-in-vodeno-and-aion-bank-acquiring.html) • [3](https://baas.com/registry/vodeno) |
## What Vodeno does
Vodeno built the Vodeno Cloud Platform, a cloud-native core banking system built with smart contracts technology and APIs, integrated with the processes and procedures of a fully-fledged bank.[4](https://www.unicreditgroup.eu/en/press-media/press-releases-price-sensitive/2024/july/unicredit-announces-investment-in-vodeno-and-aion-bank-acquiring.html) The company describes the platform as proprietary and blockchain-based.[5](https://vodeno.com/announcement-of-acquiring-investment-in-vodeno-and-aion-bank-by-unicredit/)
The platform covers accounts, deposits, lending, and payments, delivered as embedded finance (financial products offered inside non-financial companies' services) directly into the customer journeys of retailers, e-commerce marketplaces, fintechs, financial technology providers, and banks.[4](https://www.unicreditgroup.eu/en/press-media/press-releases-price-sensitive/2024/july/unicredit-announces-investment-in-vodeno-and-aion-bank-acquiring.html) The company's own site says clients can access Aion Bank's full banking license, covering all key EU markets.[6](https://vodeno.com/company/)
**The license question.** Vodeno itself held no banking license: the BaaS Registry records it as a technology provider, regulated as "not applicable", because it uses Aion Bank's license rather than holding its own.[3](https://baas.com/registry/vodeno) Aion is a digital bank with a home Belgian license and branches in Poland, Germany, and Sweden, and Vodeno claimed the Aion/Vodeno combination delivers BaaS more efficiently and compliantly than competitors.[5](https://vodeno.com/announcement-of-acquiring-investment-in-vodeno-and-aion-bank-by-unicredit/) This pairing of a technology company with a licensed bank is what allowed the platform to serve both regulated and non-regulated entities across Europe.[4](https://www.unicreditgroup.eu/en/press-media/press-releases-price-sensitive/2024/july/unicredit-announces-investment-in-vodeno-and-aion-bank-acquiring.html)
## Founding and people
Vodeno was founded in 2018.[1](https://en.ain.ua/2024/07/25/unicredit-acquires-vodeno-a-polish-banking-as-a-service-cloud-native-platform/) Unverified directory data records the legal entity VODENO SPÓŁKA Z OGRANICZONĄ ODPOWIEDZIALNOŚCIĄ as incorporated in Poland on 19 April 2018.[2](https://tracxn.com/d/companies/vodeno/__qFAZed5LBEvJEt5HlAmMxpY4s_MQPWvQw5BaCDNnRu8) No source in the record names the founders or describes their backgrounds. The company's own site lists Wojciech Sobieraj and Mirosław Forystek in Chief Executive Officer roles.[6](https://vodeno.com/company/)
## Funding and investors
Unverified directory data lists [Warburg Pincus](https://www.edgepedia.org/warburg-pincus) as an investor in Vodeno.[2](https://tracxn.com/d/companies/vodeno/__qFAZed5LBEvJEt5HlAmMxpY4s_MQPWvQw5BaCDNnRu8) Total funding across all rounds is not documented.
## Business, customers and traction
In October 2022 [NatWest Group](https://www.edgepedia.org/natwest-group) and Vodeno announced a strategic partnership to deliver embedded finance solutions.[3](https://baas.com/registry/vodeno) That partnership produced NatWest Boxed, which runs on Vodeno technology combined with NatWest's UK banking license.[7](https://fintechnologica.com/providers/vodeno) Earlier, in April 2021, [Mastercard](https://www.edgepedia.org/mastercard) selected Aion Bank and Vodeno as a strategic partner for its Fintech Express program in Europe.[3](https://baas.com/registry/vodeno)
The company claimed a team of about 500 engineers, product development experts, and data scientists, and said its platform integrates more than 90 fintechs into a single modular solution.[6](https://vodeno.com/company/) These figures are the company's own; no independent metrics on clients signed, accounts issued, or revenue appear in the record.
## Acquisition by UniCredit
On 24 July 2024 UniCredit announced a binding agreement to acquire the entire share capital of Vodeno Sp. z o.o. and Aion Bank SA/NV for a combined purchase price of around EUR 370 million, subject to customary price adjustments.[4](https://www.unicreditgroup.eu/en/press-media/press-releases-price-sensitive/2024/july/unicredit-announces-investment-in-vodeno-and-aion-bank-acquiring.html) Closing was expected in the fourth quarter of 2024, subject to regulatory approvals, with a minimal impact on UniCredit's consolidated CET1 ratio of around 15 basis points.[4](https://www.unicreditgroup.eu/en/press-media/press-releases-price-sensitive/2024/july/unicredit-announces-investment-in-vodeno-and-aion-bank-acquiring.html) The acquisition was completed in March 2025.[3](https://baas.com/registry/vodeno) A trade report cited by Tracxn put the finalized price at €376 million; UniCredit's own release says around EUR 370 million, and that figure is used here.[2](https://tracxn.com/d/companies/vodeno/__qFAZed5LBEvJEt5HlAmMxpY4s_MQPWvQw5BaCDNnRu8)
**Why a bank bought it.** UniCredit framed the transaction as one of the first moves by a bank to acquire full ownership of a new technology, without any dependencies from third-party core banking providers, and as a sandbox to develop, test, and innovate for the broader group.[4](https://www.unicreditgroup.eu/en/press-media/press-releases-price-sensitive/2024/july/unicredit-announces-investment-in-vodeno-and-aion-bank-acquiring.html) The deal gave UniCredit a cloud-based core banking platform for scalable digital and embedded financial services.[3](https://baas.com/registry/vodeno) Vodeno confirmed the agreement on its own site, describing the deal as pending regulatory approval.[5](https://vodeno.com/announcement-of-acquiring-investment-in-vodeno-and-aion-bank-by-unicredit/)
## Recent developments
The trajectory runs from NatWest partnership (October 2022) to UniCredit ownership (2024 to 2025).[3](https://baas.com/registry/vodeno) NatWest Boxed continues to run on Vodeno technology with NatWest's UK banking license, showing continued operation of the platform under NatWest after the UniCredit deal.[7](https://fintechnologica.com/providers/vodeno) Vodeno's own company page states that in 2025 UniCredit acquired Vodeno and Aion Bank.[6](https://vodeno.com/company/)
## References
1. [UniCredit acquires Aion Bank and Vodeno, a Polish Banking-as-a-Service platform — AIN](https://en.ain.ua/2024/07/25/unicredit-acquires-vodeno-a-polish-banking-as-a-service-cloud-native-platform/)
2. [Vodeno — 2026 Company Profile, Funding & Competitors — Tracxn](https://tracxn.com/d/companies/vodeno/__qFAZed5LBEvJEt5HlAmMxpY4s_MQPWvQw5BaCDNnRu8)
3. [Vodeno | BaaS Registry](https://baas.com/registry/vodeno)
4. [UniCredit announces investment in Vodeno and Aion Bank acquiring](https://www.unicreditgroup.eu/en/press-media/press-releases-price-sensitive/2024/july/unicredit-announces-investment-in-vodeno-and-aion-bank-acquiring.html)
5. [Announcement of acquiring investment in Vodeno and Aion Bank by UniCredit — Vodeno](https://vodeno.com/announcement-of-acquiring-investment-in-vodeno-and-aion-bank-by-unicredit/)
6. [Vodeno — Company](https://vodeno.com/company/)
7. [Vodeno — licence, EEA data residency & European alternatives | Fintechnologica](https://fintechnologica.com/providers/vodeno)
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*Topic: Encyclopedia › Society and history › Economics and business › Business and work › Business and work overview › Companies and corporations › Venture-backed startups and growth companies › Fintech, commerce, and consumer startups › Lending, credit, and neobanks*
*Initially written Sep 17, 2026 · Edited: Oct 11, 2026; Oct 15, 2026*
*Copyright 2026 EdgeChat AI, a subsidiary of Biostate AI.*
License: Edgepedia Community License 1.0, https://www.edgepedia.org/edgepedia/license