A conversation with Wojciech Sobieraj, CEO at Banking-as-a-Service Provider: Vodeno

Vodeno is a European Banking-as-a-Service provider and we believe everyone should have access to the best banking products. Today, thanks to embedded banking, brands are able to offer their customers innovative financial products directly. We make this possible with our technology and tools, access to a European banking license and regulatory and compliance expertise.

Our API-based, cloud-native platform is one of the most comprehensive retail and SMB banking platforms on the market, and our offering is fully modular, allowing for rapid innovation and implementation.

Our customers come from different industries and sectors, both financial and non-financial, and our goal is to become the leading BaaS provider in Europe in the next three years.

Vodeno Case Study | Google cloud

How did you come up with the idea for the company?

The concept for Vodeno was to build a financial services technology company using the latest cloud technologies. A fully cloud-native banking platform didn’t exist back in 2018, so we built the VODENO Cloud Platform (VCP) from the ground up with proprietary software covering all aspects of retail and SME banking via hundreds of open APIs .

We also knew we needed to embrace fast moving fintech innovation, so VCP also serves as a “360” ecosystem with nearly 90 of the best fintechs integrated into the platform.

The platform was first used to transform Banca Monte Paschi Belgio into the fully digital, mobile First Aion Bank. Our team carried out the migration to a new IT platform, carried out a comprehensive reorganization of banking operations and created a completely new banking offer based on the latest technologies.

With our platform’s cloud infrastructure, we were able to complete the project in five months instead of the traditional timeframe of 18-24 months. This laid the groundwork for a partnership with Aion Bank to offer a Banking-as-a-Service (BaaS) solution unmatched in reach and reach.

We can cover the full spectrum of banking services, from smart contract enabled core banking to accounts, cards, payments, loans and investments, for both retail and corporate end-users.

How has the company performed during the pandemic?

The pandemic has accelerated existing digital trends and demand for embedded financial services has grown exponentially, particularly in the retail and e-commerce space. Modern retailers know they need to innovate their checkout experience to be successful online.

For retailers, the benefits of offering embedded solutions go beyond satisfying customer needs – they can drive new business streams, deliver valuable customer insights that can lead to product innovation, and create new market opportunities. BaaS and Embedded Banking offer brands the ability to fully control their checkout journey and therefore their customer relationship.

Today we’re seeing tremendous interest from unregulated companies looking to do just that to keep up with competitors and grow their business, and we’re redoubling our efforts to serve this customer segment.

What can we expect from Vodeno in the future?

We are reaching significant milestones in 2022 as many of our first customers go live in Q1.

We recently conducted a study in which we surveyed over 750 senior decision makers in European retail and e-commerce companies which revealed that more than half (54%) plan to introduce more embedded banking solutions in the coming year . This signals to us that there are enormous opportunities to further expand our business in this segment.

We see innovation in BaaS lending products making a big breakthrough this year. Buy Now Pay Later (BNPL) has already changed the landscape of consumer lending and we see Merchant Financing as the BNPL for SMEs.

Dealer financing is a lending solution that provides upfront capital that can be used to produce or buy goods, with repayments made from earnings from those goods after they are sold. The ability to easily access credit combined with the flexibility to repay through revenue is invaluable to SME retailers.

Another innovative product we offer is called Decoupled Debit. This is a branded payment card with a white label that a retailer can offer to their customers. Through Open Banking and PSD2, the card can be linked to the user’s bank account of choice to process payments, meaning the card can be used immediately without having to manually load funds. Purchases made with the card could bring rewards and cashback that strengthen customer loyalty.

We plan to offer these exciting products alongside the rest of our portfolio to more customers across Europe and roll them out to new territories over the coming months.

https://techround.co.uk/interviews/a-chat-with-wojciech-sobieraj-vodeno/?utm_source=rss&utm_medium=rss&utm_campaign=a-chat-with-wojciech-sobieraj-vodeno A conversation with Wojciech Sobieraj, CEO at Banking-as-a-Service Provider: Vodeno

Fry Electronics Team

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