Yobota partners with Chetwood Financial to enter the BaaS market

By Joy Dumasia

Yobota has announced its move into the Banking-as-a-Service (BaaS) market through a new partnership with Chetwood Financial. BaaS describes a business model in which licensed banks grant companies access to their modular banking services, generally via application programming interfaces (APIs). This allows businesses to develop their financial offerings, such as lending and payment services, on top of the BaaS provider’s regulated infrastructure.

London-based Yobota has partnered with Chetwood to intermediate a version of the bank’s new BaaS offering. The technology vendor provides the core banking system (CBS) that enables businesses to embed lending and deposit products into their proposition, thereby offer fully compliant financial services to end customers under Chetwood’s banking licence.

Yobota offers pre-packaged, regulatory compliant products and processes built on top of its cloud-native CBS and quant engine. It also provides an extensive suite of APIs required for integrated banking services. By removing the operational concerns involved and managing the user experience, Yobota’s innovative BaaS offering reduces time to market for those without a banking license and infrastructure. Its flexible architecture allows businesses to configure bespoke, intelligent, and scalable financial products.

Ammar Akhtar, CEO of Yobota, said: “This move marks a significant milestone in Yobota’s relatively short history, and we’re proud to have partnered with Chetwood at this critical stage in our journey. We entered the BaaS space knowing we had something unique to offer. By combining our innovative core banking platform and the proven foundation of our bank partners, businesses can quickly and efficiently build customised, secure and scalable financial products. A cloud-based, modular, and API-driven approach to architecture is fundamental to delivering BaaS, and at Yobota, we have kept these requirements sacred in the creation of our platform. Our team of developers can oversee the technical challenges involved in bringing new offerings to life, while our financial expertise means our platform meets strict compliance and ongoing regulatory requirements.”

IBS Intelligence recently reported that Chetwood Financial (“Chetwood”) announced the appointment of Adrian Gurnell as Chief Information Officer.