By Oliver Smith on Thursday 24 March 2022
Yobota will continue to operate as a standalone brand following the deal.
The close partnership between banking-as-a-service (BaaS) provider Yobota and digital bank Chetwood Financial is today becoming significantly closer.
AltFi can exclusively reveal that Chetwood has now acquired Yobota for an undisclosed amount.
Following the acquisition, Yobota will continue to operate as a standalone brand, serving its existing clients and with strict confidentiality between those clients and Chetwood.
Chetwood meanwhile will continue to operate all its consumer-facing products including Wave, LiveLend, SmartSave and BetterBorrow.
Combining the businesses will result in greater operational efficiencies for Chetwood, and allow Yobota to expand into a full end-to-end BaaS offering with credit and pricing capabilities.
“Clients of both firms will benefit from our complementary offerings that will enable responsive, dynamic products and solutions not yet seen in the industry.”
”It is with a heavy heart that we say goodbye to Ammar, whose energy, experience and creativity were essential to launching Chetwood and Yobota, as well as driving many of our subsequent successes,” added Mielczarek.
Since 2016 Chetwood has raised over £160m in debt and equity funding, with US hedge fund Elliott Management being its long-time backer.