(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.

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