Chetwood Financial has acquired core banking provider Yobota as part of plans to extend its Banking-as-a-Service (BaaS) capabilities.
Yobota is a London-based FinTech that has a cloud-native core banking platform. It is designed to enable companies to create financial products and manage them independently.
The FinTech will continue to deliver its core banking system whilst leveraging Chetwood’s banking licence.
The digital bank said the acquisition means that non-financial services businesses will be able to embed finance without needing to develop credit and pricing capabilities, alongside proposition, decisioning, modelling and operations as optional services.
“Chetwood and Yobota have common shareholders and shared purpose, and there is pre-established trust from knowing and working together,” said Andy Mielczarek, chief executive and founder of Chetwood Financial. “The acquisition is set to bring greater value to investors as well as strengthen our existing BaaS proposition, helping clients create better end-to-end journeys for their customers by handling both the regulatory and technological complexities involved in embedding financial services into existing propositions.”
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