Chetwood Financial acquires Yobota to expand BaaS capabilities

Founded alongside the bank in 2016 and developed as a separate entity, Yobota is a UK-based technology company that has built a cloud-native core banking platform. The platform allows companies to create and run innovative financial products and manage them independently. The acquisition will reportedly create a more collaborative and compelling BaaS proposition for Chetwood as it continues to grow its customer base and enable businesses to develop their own financial offerings, such as lending and payment services, using its regulated infrastructure.

Following the acquisition, Yobota will continue to deliver the core banking system (CBS), on which businesses can run financial services whilst leveraging Chetwood’s banking licence. 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. This allows businesses to launch financial services products with reportedly minimal upfront investment and low running costs due to their cloud-based technology. 

As part of the bank’s multi-brand strategy, Yobota will continue to operate as a separate brand under the Chetwood umbrella, with Yobota’s current partners and customers unaffected by the transition. They will maintain strict client confidentiality, with sensitive information and IP protected. 

Chetwood will continue to operate its existing consumer-facing products: Wave, LiveLend, SmartSave, and BetterBorrow.