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SEB Taps Thought Machine’s Vault Core for New BaaS Platform

November 22, 2024

Swedish corporate bank SEB has partnered with UK-based fintech Thought Machine to use its cloud-native Vault Core system for SEB Embedded, a new Banking-as-a-Service (BaaS) platform.
This collaboration enabled the launch of Hemköp Matkonto, a current account for Swedish supermarket chain Hemköp, featuring joint account options, budget tools, and spending-linked rewards.
The Hemköp Matkonto account was developed and launched within 10 months of the partnership agreement signed in December 2023.
SEB Embedded plans to scale its offerings, with additional products and partnerships expected soon.
SEB’s adoption of Vault Core follows its long-standing partnership with Thought Machine, which began in 2018 with SEBx, an innovation studio regarded as a precursor to SEB Embedded.