Capco and NatWest Boxed Partner on Banking Tech Platform
Financial institutions are increasingly turning to adaptable technology frameworks to enhance how they offer services. The origins of NatWest Boxed trace back to Mettle, an early digital banking initiative that established the groundwork for its expanded embedded finance goals. Throughout this process, Capco, which operates under Wipro, has collaborated with NatWest Boxed since the project’s inception.
The partnership with what is now NatWest Boxed originated during Mettle’s formative stages, when Capco contributed to its creation, bolstered internal expertise, and designed the technology infrastructure needed for future expansion. Chris Rahnejat, a Capco partner deeply engaged with the team, has participated from the start.
Establishing the Core of NatWest Boxed
Capco’s collaboration with NatWest Boxed commenced in 2017, when the concept that would evolve into Mettle was first taking shape. The initial team consisted of six members, divided between both organizations. Capco played a critical role in launching Mettle and assisted in developing NatWest Boxed’s own operational strengths.
Currently, NatWest Boxed operates with its own leadership and technical team, while Capco provides specialized guidance and extra resources when necessary. “If you look at the relationship today, on any given piece of work, the majority is now Boxed-owned capability – NatWest Boxed’s own leaders and engineers – and we mainly provide advice and surge capacity,” Chris says.
Ensuring Flexibility for Future Growth
While Mettle showcased the concept’s viability, its initial setup depended on external service providers. The next phase involved constructing a more self-contained platform, one with greater proprietary value and broader reusability. Capco and NatWest Boxed jointly designed and implemented this framework, also assessing potential future applications.
“We would always say: ‘We want to make really smart decisions where we leave lots of doors open’,” Chris says. “We’re not going to walk through all of those doors right now, but we leave them open.”
The platform’s enhancements, originally key in transforming Mettle, were later adapted for NatWest’s embedded finance operations, the focus that ultimately defined NatWest Boxed.
Preparing for the Next Phase
Capco’s role has shifted alongside each milestone NatWest Boxed has achieved. The firm helped establish Mettle, assisted in platform development, and later supported embedded finance initiatives. Now that NatWest Boxed leads these efforts independently, Capco is assisting with the latest phase: embedded lending.
“We’ve always planned things together and found new things we can do to make NatWest Boxed more successful, and the Capco team has then focused on whatever that turns out to be,” Chris says. This shared approach has been central to the development of the relationship over eight years. “It is very honest and a true partnership: at the end of the day, NatWest Boxed’s success is our success.”
