Natwest Make
“Can NatWest's banking licence and infrastructure become the BaaS backbone for UK and European brands wanting to embed financial products without owning a bank?”
NatWest Make (also trading as NatWest Boxed) is the embedded finance and Banking-as-a-Service arm of National Westminster Bank plc, one of the UK's largest chartered banks. Leveraging NatWest's own banking licence, the division offers white-label financial products — loans, savings, POS lending, open banking payments, and FX — to corporate and retail partners who want to embed financial services into their own platforms. The first major public-facing BaaS milestone was the Sainsbury's partnership in 2024, with NatWest Boxed positioning itself as the UK's leading provider of Banking-as-a-Service, backed by the balance sheet and regulatory status of NatWest Group.