SEB, the Nordic corporate bank, has entered into a strategic partnership with Swedish fintech startup Humla, part of the Axel Johnson group, to drive innovation and create embedded financial services products for the retail industry. Humla will develop its products and offerings using the cloud-based Banking-as-a-Service (BaaS) platform developed by SEBx, SEB’s own start-up.
Using this BaaS platform Humla will build products and services in collaboration with some of the most established retail brands in Sweden, embedding financial services in their customer offerings.
Christoffer Malmer, head of SEBx, said in a statement: “With our cloud-based banking-as-a-service platform, we can help partners to build new products or embed financial services in their customer journeys without becoming banks themselves. SEBx is built on top of SEB’s banking license, which allows us to be a complete provider of financial services. We want to collaborate and co-create together with innovative partners and look forward to continuing working with the team at Humla – our first banking-as-a-service customer.”