UniCredit Weighs Acquisition of Warburg-Backed Vodeno

Jan-Henrik Förster and Sonia Sirletti, Bloomberg News

Andrea Orcel, chief executive officer of Unicredit SpA, during a Bloomberg Television interview on day three of the World Economic Forum (WEF) in Davos, Switzerland, on Thursday, Jan. 18, 2024. The annual Davos gathering of political leaders, top executives and celebrities runs from January 15 to 19. , Bloomberg

(Bloomberg) -- UniCredit SpA is exploring an acquisition of private equity-backed banking services provider Vodeno, people with knowledge of the matter said.

The Italian lender has been discussing a potential deal with Vodeno’s owner, Warburg Pincus, according to the people.

Deliberations are in the early stages and there’s no certainty they’ll result in a transaction, the people said, asking not to be identified discussing confidential information.

A representative for UniCredit declined to comment, while a spokesperson for Warburg Pincus didn’t immediately provide comment.

Vodeno runs a cloud-based platform that banks can use to offer services ranging from buy now, pay later to loans and investments, according to its website. Warburg invested in the Poland-based company in 2018.

UniCredit’s Chief Executive Officer Andrea Orcel is ramping up investments in digitalization and technology at a time when banks are spending billions to upgrade legacy IT systems and cut back-office costs.

Vodeno’s other backers include British lender NatWest Group Plc and the European Bank for Reconstruction and Development.

Read More: UniCredit’s Money Machine Has $10 Billion to Reshape European Banking

--With assistance from Swetha Gopinath.