UniCredit, an investment bank based in Italy, has completed the previously announced €376m acquisition of Aion Bank and Vodeno following approvals from all requisite authorities.
The transaction, initially announced in July 2024, is expected to strengthen UniCredit’s position in digital banking.
Vodeno, a fintech company headquartered in Poland, specialises in banking-as-a-service (BaaS) solutions, while Aion Bank functions as a digital bank with a subscription model. Prior to the deal, both entities were under the private equity firm Warburg Pincus since 2022, collaborating to deliver embedded banking services across Europe.
This acquisition aligns with the phase two of UniCredit’s Unlocked strategy, facilitating its organic expansion into new sectors and customer segments.
UniCredit CEO Andrea Orcel said: “Our commitment to constantly delivering best in class returns and distributions sustainable over time is perfectly balanced with our commitment to investing in our future.
“Within this context Aion Bank / Vodeno is an investment both in enhancing our own technological capability – through the acquisition of a proven team that has developed one of the most modern and flexible core banking systems around – and in our business, enabling us to grow significantly through entering new markets, businesses and client segments.”
Acquiring these companies enables UniCredit to own advanced technological infrastructure without third-party dependencies, distinguishing it from technology-only providers and digital-first banks undergoing transformation.
By merging Aion Bank’s and Vodeno’s resources, UniCredit gains access to a scalable cloud platform utilising application programming interface (API) connectivity and smart contract capabilities. This integration supports seamless operations within traditional banking procedures, offering a neo-bank user experience combined with regulatory oversight.
Vodeno’s technology and expertise provide UniCredit with flexibility in product innovation, enhancing cost efficiency compared to conventional banks. This capability accelerates time-to-market for new solutions aimed at specific client segments and entry into additional markets.
UniCredit anticipates expanding back into Poland and entering adjacent Western European countries using this acquisition. The bank will utilise Aion Bank’s European Central Bank (ECB licence) to extend BaaS offerings in key European territories such as Germany and Poland.
The approach involves embedding banking services like account access, deposits, lending facilities, payments, and loyalty schemes directly into non-banking platforms to improve customer engagement.
With planned investments up to €200m and an expected payback period under two years, UniCredit aims to grow its client base by 2.5 million over three years. The goal includes reaching a return on allocated capital (ROAC) above 25% and maintaining a cost-income ratio of 34%.
