Electronic Money Entity Unnax Launches First BaaS Platform in Spain

Unnax, Electronic Money Entity (EDE) supervised by the Bank of Spain, has launched the reportedly first Banking-as-a-Service (BaaS) platform in Spain.

Unnax has gone from being a provider of Open Banking solutions to a player in embedded 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, in February 2022, the fintech launched a 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 the fintech has become relevant in southern Europe and Latin America, where the company was already building complete financial ecosystems for its clients, as reported.