Barclays is investing in United Fintech, joining four other big banks, which have invested in the fintech group. Barclays is joining Citi, Danske Bank, BNP Paribas and Standard Chartered which have invested in United Fintech.
London-headquartered United Fintech, founded in 2020, acquires and scales fintechs across commercial banking and capital markets, as it looks to serve the needs of its financial clients. In total, it has acquired seven fintechs, including Cobalt, FairXchange, TTMZero, Athena Systems and NetDania. This year, it said it made its biggest purchase to date.
Financial details of the strategic investment by Barclays in United Fintech, in which it will take a stake, were not disclosed. Barclays will now join United Fintech’s board of directors. The investment by Barclays will be used to fund further acquisitions.
United Fintech has 11 offices including in London, New York, Copenhagen, Singapore and the UAE and employs more than 200 people. Christian Frahm, CEO, founder, United Fintech, said: “We are very excited to welcome Barclays as our fifth global bank investor.
“With AI accelerating across financial services, industry-wide collaboration has never been more important. "With Barclays now onboard, we further strengthen our industry-wide adoption, and United Fintech is well on its way to becoming the trusted ecosystem for enabling that collaboration."
Would you like to write the first comment?
Login to post comments