Unnax, Electronic Money Entity (EDE) supervised by the Bank of Spain, launches the first Banking as a Service (BaaS) platform in the country.
After a year and a half of intense work, Unnax has gone from being a provider of Open Banking solutions to a relevant player in integrated finance.
With its modular platform, Unnax provides non-financial companies with the necessary banking infrastructure to integrate financial services into their product offering or even create their own neobank. Some of these services are bank accounts and digital wallets, payment gateways, user validation solutions and Open Banking technologies.
In addition, last February the Fintech launched the first fiat infrastructure designed to solve challenges inherent in the crypto sector. With this solution, Unnax provides cryptocurrency platforms with an ecosystem that allows them to comply with anti-money laundering regulations and anticipate the future European MiCA regulation on crypto asset management.
Unnax’s Banking-as-a-service platform is the culmination of a process in which fitnech has become a benchmark in southern Europe and Latin America, where the company was already building complete financial ecosystems for its clients.
From promoter of Open Banking and PSD2 to BaaS platform
Unnax was born in 2016 in response to the need to digitize and automate the decision-making and payment-issuance processes of Consumer Finance. As a fintech dedicated to banking aggregation and payment initiation solutions, the company became, at that time, one of the main promoters of Open Banking and the Payment Services Directive (PSD2) in Spain.
In 2020, Unnax became an Electronic Money Entity licensed by the Bank of Spain, becoming the only EDE in Spain authorized to provide payment initiation and bank aggregation services. After obtaining the EDE license, the fintech has developed its portfolio of solutions to create all the necessary pieces -especially in in-house technological development (own infrastructures) and at the compliance level- that allow it to be a BaaS platform today.