United Fintech secures strategic investments from BNP Paribas and Citi
BNP Paribas and Citi become the first institutional investors in United Fintech, a neutral Digital Transformation Platform.
Press release, United Fintech: BNP Paribas and Citi have become the first institutional investors in United Fintech Group Limited (“United Fintech”), a neutral Digital Transformation Platform, as part of a strategic investment round led by Citi. United Fintech is also in advanced talks with other leading strategic investors to join its transformative journey, signalling a broad industry shift towards collaborative fintech innovation.
Rotating board seats and quarterly industry roundtables
As part of the deal, two rotating board seats will go to BNP Paribas and Citi. The unique governance model allows institutional investors to contribute to the platform’s strategic direction. United Fintech has 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. Managing to combine the best of both worlds, we see this as the beginning of a new era where industry participants can grow together”, says Junaid Baig, Head of Strategic Investments & Co-Head of Strategy with BNP Paribas Global Markets.
“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,” says Ayesa Latif, Global Head of Foreign Exchange Products at Citi.
CEO: Investments demonstrate “forward-thinking leadership”
Founded in 2020 by CEO Christian Frahm, United Fintech has rapidly expanded to employ over 160 people across 8 countries. The investment round is a major milestone that United Fintech expects will facilitate further backing from strategic investors:
“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”, ends United Fintech CEO Christian Frahm.
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Contact · For more information, please direct media enquiries to:
For United Fintech: Nic. Rossen / rossen@unitedfintech.com / +45 20729972
For BNP Paribas: Paul Alexander Smith / paulalexander.smith@uk.bnpparibas.com
For Citi: Rekha Jogia-Soni / Rekha.JogiaSoni@citi.com / +1 212-816-3540
About United Fintech · Founded in 2020, United Fintech is a neutral industry Digital Transformation Platform where global financial institutions and cutting-edge technology providers come together to unleash their full potential and enable the future of finance. United Fintech remains on the frontier of innovation by acquiring engineering-led fintechs within Capital Markets, Wholesale Banking and Wealth Management under a central umbrella and in just four years, the company has acquired five fintechs and is on track to acquire many more.
About BNP Paribas · BNP Paribas is the European Union’s leading bank and key player in international banking. It operates in 65 countries and has nearly 185,000 employees, including more than 145,000 in Europe. The Group has key positions in its three main fields of activity: Commercial, Personal Banking & Services for the Group’s commercial & personal banking and several specialised businesses including BNP Paribas Personal Finance and Arval; Investment & Protection Services for savings, investment and protection solutions; and Corporate & Institutional Banking, focused on corporate and institutional clients. Based on its strong diversified and integrated model, the Group helps all its clients (individuals, community associations, entrepreneurs, SMEs, corporates and institutional clients) to realise their projects through solutions spanning financing, investment, savings and protection insurance. In Europe, BNP Paribas has four domestic markets: Belgium, France, Italy and Luxembourg. The Group is rolling out its integrated commercial & personal banking model across several Mediterranean countries, Turkey, and Eastern Europe. As a key player in international banking, the Group has leading platforms and business lines in Europe, a strong presence in the Americas as well as a solid and fast-growing business in Asia-Pacific. BNP Paribas has implemented a Corporate Social Responsibility approach in all its activities, enabling it to contribute to the construction of a sustainable future, while ensuring the Group's performance and stability.
About Citi · Citi is a preeminent banking partner for institutions with cross-border needs, a global leader in wealth management and a valued personal bank in its home market of the United States. Citi does business in nearly 160 countries and jurisdictions, providing corporations, governments, investors, institutions and individuals with a broad range of financial products and services. Additional information may be found at www.citigroup.com | Twitter: @Citi | LinkedIn: www.linkedin.com/company/citi | YouTube: www.youtube.com/citi | Facebook: www.facebook.com/citi
- United Fintech, 27/2/24
