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