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<\/p>\nMost people have never heard of NatWest Boxed. That is by design.<\/p>\n
Instead of selling financial products via its own banking channels, NatWest\u2019s banking-as-a-service business embeds savings accounts, loans and other services into the apps and digital platforms of companies like Sainsbury\u2019s, the AA and Saga.<\/p>\n
Some may question the logic of one of the UK\u2019s \u201cbig four\u201d lenders creating a standalone business that encourages consumers to use alternatives to its own bank branches or digital channels. But NatWest Boxed chief Andrew Ellis argues that the \u201cworld is changing\u201d in terms of how customers want to access financial services, which banks need to acknowledge.<\/p>\n
Career history: Andrew Ellis<\/p>\n
2025-present: Chief executive officer, NatWest Boxed<\/p>\n
2022-2023: Head of digital assets, NatWest Group<\/p>\n
2020-2023: Chief executive officer, Mettle<\/p>\n
2019-2023: Non-executive director, FreeAgent<\/p>\n
\u201cWe\u2019re a customer-driven bank, and that will always be the case. But I don\u2019t think you can be so dogmatic about every product being through the main bank channel. NatWest Boxed offers an alternative to that,\u201d he says.<\/p>\n
NatWest Boxed emerged in 2022 from a \u201cstrategic partnership\u201d between NatWest and European Baas provider Vodeno. Vodeno was later acquired by UniCredit. Boxed continues to combine NatWest\u2019s banking licence and expertise with an \u201cin-house tech stack\u201d. It also draws on the UK lender\u2019s experience developing digital products such as Mettle, its banking service for small businesses.<\/p>\n
Although part of the wider NatWest Group, Boxed has its own management team, employees, tech and commercial strategy. Ellis says this means it can move more quickly when it comes to testing out ideas or exploring new opportunities. One such area is \u201cbuy now, pay later\u201d or \u201cpoint-of-sale lending\u201d, which Ellis plans to roll out to consumer brands via NatWest Boxed in the coming months.<\/p>\n
\u201cPoint of sale lending is clearly an enduring and arguably growing area of finance, so there\u2019s encouragement for me to go into that,\u201d he told The Banker. <\/p>\n
NatWest Boxed\u2019s growing interest in the BNPL space also happens to coincide with new UK regulations which came into force on July 15, bringing short-term, interest-free credit products under the formal supervision of the Financial Conduct Authority.<\/p>\n
As BNPL enters the financial mainstream, Ellis says now is a good time for NatWest Boxed to explore launching an offering. <\/p>\n
\u201cIf it becomes an area where innovation and growth happen, we want to have a bet on that,\u201d he adds. <\/p>\n
<\/p>\n
Andrew Ellis\u00a9 NatWest<\/p>\n
Here, as with any of its Baas solutions, Ellis believes the combination of NatWest\u2019s 200-year history with its strong balance sheet and compliance expertise gives it an edge over fintechs operating in the space.<\/p>\n
That distinction is important, he adds, for consumer brands writing five- to seven-year contracts for Baas services. <\/p>\n
\u201cThese are regulated journeys and they\u2019re selling regulated products. So what they don\u2019t want is a regulatory or reputational issue. Working with us probably means that they\u2019ve got a lesser chance of that happening,\u201d he explains.<\/p>\n
With NatWest Boxed, Ellis says corporate clients get that surety and confidence that they are still going to be around in five or 10 years and are further reassured by the fact that they have a direct line to the top if anything should go wrong.<\/p>\n