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SEB Moves Into Banking-as-a-Service After Securing First Client

Swedish lender SEB AB signed up its first customer for a new banking-as-a-service platform that allows companies to offer financial services under their own brand without becoming banks themselves.

The offering comes as traditional banks like SEB are increasingly looking to diversify their revenue sources away from retail products like credit cards and consumer loans amid the disruption caused by buy-now-pay-later providers such as Klarna Bank AB and Revolut Ltd.