Natwest
“Can NatWest's banking licence and balance sheet power a dual model — serving retail and corporate customers directly while also becoming the BaaS infrastructure layer for major UK consumer brands via NatWest Boxed?”
Founded as National Westminster Bank in 1968 and acquired by RBS Group in 2000, NatWest has evolved from a traditional UK retail and commercial bank into a dual-role institution: operating its own full-service banking business while building an embedded finance platform (NatWest Boxed) that allows non-bank brands to offer NatWest-powered financial products under their own label. The group rebranded from RBS to NatWest Group in 2020. More recently, NatWest has leaned into open banking infrastructure through Payit™ and into B2B2C embedded finance via NatWest Boxed, positioning itself as both a regulated bank and a Banking-as-a-Service provider to corporates and consumer brands.