A fintech group, which acquires and scales fintechs, says it has made its biggest acquisition to date, snapping up Norway-headquartered Commercial Banking Applications (CBA).
United Fintech, founded in 2020, is primarily looking to acquire and scale fintechs in the capital markets space.
Headquartered in London, United Fintech has so far acquired a handful of fintechs, employing over 160 people across eight countries. Firms acquired include Cobalt, FairXchange, TTMZero, Athena Systems and NetDania.
It has now acquired Norway-headquartered Commercial Banking Applications (CBA) for an undisclosed sum, in a deal which marks United Fintech's first move into commercial banking.
CBA specialises in API-driven trade finance and payment solutions across Europe and Asia, with its customers including ABN AMRO.
United Fintech says by integrating CBA’s tech it will boost its offering to support financial institutions as they undertake digital transformation moves.
United Fintech says the deal was financed by equity and debt from existing investors, which include four major banks: BNP Paribas, Citi, Danske Bank, and Standard Chartered.
Christian Frahm, CEO & founder, United Fintech said:
“Their technology perfectly complements our vision of building a comprehensive digital ecosystem for financial institutions.”
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