Vodeno and UniCredit: embedded banking and lending in Europe

What is Vodeno?

Vodeno is a Polish cloud banking platform. In 2024 UniCredit bought Vodeno together with Aion Bank, the Belgian bank that used Vodeno's technology, for around €370m. Together they give UniCredit a bank licence and a modern platform for embedded finance, separate from its traditional banking business. Vodeno's technology is also behind NatWest Boxed in the UK, from a partnership that began in 2022.

Embedded banking with Vodeno

Platforms can offer business accounts and cards with UniCredit as the bank. The Polish accounting app inFakt launched a business account in October 2026, with a Polish VAT account paying 2% interest and BLIK payments planned. Earlier, Metro Financial Services in Poland launched cards on Vodeno.

Embedded lending with Vodeno

UniCredit also uses Vodeno to fund lenders. In May 2026 it agreed to buy up to PLN 500m (around €115m) of SME loans from the Polish lender Wealthon: Wealthon keeps originating and servicing the loans, and UniCredit buys the receivables on a rolling basis. Banxware also partnered with UniCredit, Aion and Vodeno on SME lending, alongside a €10m investment from UniCredit in 2025.

Where is Vodeno available?

The licence sits with UniCredit NV/SA, the former Aion Bank in Belgium, which can passport its services across the EU. Most of Vodeno's visible clients are in Poland, where UniCredit also used Vodeno's technology to launch its own digital bank.