United Fintech Secures Investment
Posted by Colin Lambert. Last updated: February 27, 2024
United Fintech says it has secured a strategic investment led by Citi and including BNP Paribas, it adds it is in “advanced talks” with other strategic investors. The firm does not disclose the amount of the investment.
As part of the deal, two rotating board seats will go to the two banks. United Fintech says its “unique” governance model allows institutional investors to contribute to the platform’s strategic direction. The company has also committed to host quarterly industry roundtables on shared challenges and innovation to facilitate industry dialogue and foster a collaborative ecosystem where pooling resources and ideas will enable financial institutions to accelerate their leap into the digital era.
“To BNP Paribas, it is all about trust in the validation of fintechs, ensuring they meet the highest standards of excellence and offering a robust ecosystem for innovation,” says Junaid Baig, head of strategic investments and co-head of strategy at BNP Paribas Global Markets. “Managing to combine the best of both worlds, we see this as the beginning of a new era where industry participants can grow together.”
Ayesa Latif, global head of foreign exchange products at Citi, adds, “Procuring specialist fintech firms is increasingly challenging for large institutions. United Fintech’s neutral digital transformation platform fills gaps in the market, complements our overall offering, and drives market innovation through collective efforts.”
United Fintech was founded in 2020 by Christian Frahm, who says, “More than a significant milestone for United Fintech, the backing of Citi and BNP Paribas is a testimony of forward-thinking leadership. As momentum builds, we project that more financial institutions will soon follow. Our vision of a neutral industry platform for digital transformation, to swiftly enable access to the world’s most innovative fintechs, is shared by every single C-level executive we’ve spoken with for the past four years, and their support energises our pursuit of a unified ecosystem.”
