UniCredit has signed a three-year, €115m receivables purchase agreement with Polish fintech Wealthon to fund its flagship product, POSCASH, which assesses creditworthiness based on daily turnover at payment terminals. The company also offers a business management app, a payment card, a credit line, and a sales management system. SME lending book. Under the deal, Wealthon continues to originate loans and service its customers, while UniCredit buys the resulting receivables on a rolling basis through its Vodeno platform. The new arrangement replaces a previous debt facility with funds affiliated with Fortress Investment Group, which was put in place a year ago and is set to expire at the end of May.
Who is Wealthon
Wealthon is a Polish fintech founded in 2019 that lends to small and medium-sized enterprises, with a particular focus on microbusinesses that struggle to access traditional bank credit in Poland. Its flagship product, POSCASH, assesses creditworthiness based on daily turnover at payment terminals, and the company also offers a business management app, a payment card, a credit line and a sales management system. Wealthon holds a National Payment Institution license from the Polish Financial Supervision Authority (KNF), extended around €25m in financing in 2025, and expects to reach roughly €9m in revenue this year while still operating at a loss.
How the receivables purchase model works
In the partnership, Wealthon originates a loan, books the receivable, and then assigns it to UniCredit through an automated Receivables Purchase Agreement (RPA). The buyouts happen on a rolling daily basis, the partner only pays for what is actually drawn, and there are no costs for unused capacity. UniCredit positions this as faster and cheaper than a traditional securitisation, with the bank bearing the funding costs while Wealthon retains the customer relationship and operational work. The same model has previously been deployed by UniCredit (then Aion Bank) with the Polish BNPL provider PayPo and with Allegro Pay, the lending arm of the Allegro marketplace.
A brief note on Vodeno
Vodeno is the cloud-native banking platform that UniCredit acquired, together with Aion Bank, in 2does pean markets.
What does it change for Wealthon?
The most striking number in the deal is the cost of capital. Wealthon's CEO, Aleksander Majchrzak, says the financing costs of the flagship product are now roughly half what they were under the previous Fortress facility, which translates directly into more competitive pricing for end customers. The headline portfolio cap of €115m over three years is a meaningful step up from the roughly €25m in financing extended in 2025, and Wealthon is publicly targeting up to €230m in cumulative SME financing over the next three years under an optimistic scenario. The company has not granted UniCredit exclusivity and remains free to bring in additional funders, and it is targeting profitability in the second half of 2026.
My comment
Interesting to see Vodeno back in the news, which has been pretty quiet since the UniCredit acquisition. Worth remembering that UniCredit invested in and partnered with Berlin-based Banxware on the embedded lending side first, with Vodeno only coming into the picture later through the acquisition. That now puts two embedded SME lending plays into the bank's portfolio. UniCredit's Embedded Finance partnership strategy seems to be leaning much more into lending than into the cards and accounts use cases that dominated the first wave of European BaaS, and that probably reflects where the unit economics actually work for a balance-sheet bank. Strictly speaking, this is not a pure embedded finance deal, since Wealthon is itself a fintech rather than a non-financial brand, but from UniCredit's side, it fits squarely into the same playbook.
