SEB lands first BaaS customer with Humla partnership

Nordic financial services group SEB has signed its first Banking-as-a-Service (BaaS) customer in retail fintech start-up Humla.

SEBx is the Nordic banking group’s innovation platform

The new fintech will be powered by a BaaS platform developed by SEB’s innovation studio SEBx.

Humla is part of the Axel Johnson group, a Swedish company that builds and develops trade and service businesses in the European market, with a main focus on the Nordic region.

The firm will deploy SEBx’s solution to develop new retail-focused embedded financial services, data-driven offerings and loyalty products.

SEBx head Christoffer Malmer says: “With our cloud-based Banking-as-a-Service platform, we can help partners to build new products or embed financial services in their customer journeys without becoming banks themselves.”

Humla will build products and services in collaboration with a group of established retail brands in Sweden, which have 1.5 million customer interactions every day between them. The first product developed on the platform is set to be released this year.

Humla CEO Emil Berg Eckerrot says: “SEBx provides us with a complete banking platform built on modern technology, which allows us to focus on the customer experience instead of banking regulations.”