Aion Bank
“Can a fully licensed Belgian digital bank become the BaaS chassis for UniCredit's pan-European embedded finance push?”
Founded2020
HQBrussels, Belgium
Latest roundAcquired by UniCredit (2024)
IndustryFintech / SMB banking
The story
Aion Bank originated from Banca Monte Paschi Belgio and relaunched in 2020 as a digital, subscription-only bank in Belgium powered by the Vodeno cloud banking platform. It pivoted toward Banking-as-a-Service, leveraging its Belgian credit institution license to offer accounts, cards, payments, IBANs and lending to retailers, marketplaces, neobanks and fintechs across the EU. In 2024 it was acquired by UniCredit (together with Vodeno) to become the BaaS rail for UniCredit's European embedded finance ambitions.
Last 12 months
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Product timeline
2020
Aion Bank launches as a digital subscription-based bank in Belgium (formerly Banca Monte Paschi Belgio).· banking
2020
Partners with Form3 for cloud-native payments processing, clearing and settlement.· banking
2021
Becomes certified member of Mastercard Fintech Express programme via partnership with Vodeno.· card
2024
Acquired by UniCredit alongside Vodeno to power UniCredit's BaaS strategy across Europe.· acquisition
Regulated entities
1
regulatory licence held by Aion Bank
Licence types, jurisdictions and registered entities are in the Embedded Finance Index report.
The stack
7 layers disclosed in Aion Bank’s embedded-finance stack
Payments / PSP
Form3 (payments processing, clearing & settlement)Aion Bank (in-house, ECB/NBB-licensed)
Banking / BaaS
in the full report
Card network
in the full report
Ledger
in the full report
Lending
in the full report
Open banking
in the full report
Sponsor bank
in the full report
Accounting gap: minor
9 more providers across 6 layers, with confidence-scored evidence and source URLs, are in the Embedded Finance Index report.