In addition to enabling everything from payments to accounts to loans, Aion/Vodeno provide a range of embedded banking products based on Aion's ECB license. Clients may also take use of Aion's balance sheet and liquidity for BaaS lending.

Though they are two different businesses, Aion Bank and Vodeno have the same investors, which were formerly Warburg Pincus, NatWest Group, and EBRD.

Approximately €370 million is the total purchase price for the firms' 100% acquisition. 200 engineers, developers, and data scientists will join UniCredit as a result of the agreement.

"This investment enables us to leverage Vodeno's technology and talent to further develop their proprietary technology using it as a sandbox to develop, test, and innovate for the benefit of our broader group," says Andrea Orcel, chief executive officer of UniCredit. Aion Bank's integrated technology gives us access to specific customer groups and whole European markets, opening up more chances for us to use our excess cash in an enticing way."

A cloud-native core banking system with smart contract technology and API integration, the Vodeno Cloud Platform is connected with all of the operations and procedures of a full-fledged bank.

Following the signing of a strategic deal with Vodeno in October 2022, the technology is presently supporting NatWest's embedded banking platform Boxed. NatWest owned an 82% stake in the business and contributed £120 million to launch the initiative. There hasn't been much information provided on how UniCredit's acquisition of Vodeno would affect the company.