BNP Paribas and Citi invest in United Fintech

Rick Steves

“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 energizes our pursuit of a unified ecosystem.”

BNP Paribas and Citi have acquired stakes in United Fintech, the financial technology company led by Christian Frahm announced.

Calling itself “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 was founded in 2020 by Christian Frahm under a new approach: to acquire and scale up a range of innovative small to medium-sized engineering-led fintech companies, all with a proven capital markets product.

Christian Frahm is one of Europe’s most successful fintech entrepreneurs, having previously founded and led CFH (now Finalto), which he sold for $120 million to PlayTech in 2016. Finalto was ultimately sold to a consortium led by Barinboim for up to $210 million in 2021. 

United Fintech acquired 5 fintechs already

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.

This investment, led by Citi, underscores a significant shift towards collaborative innovation in fintech, with United Fintech at the forefront as a neutral Digital Transformation Platform.

In a move to integrate their strategic insights, BNP Paribas and Citi will each have rotating seats on United Fintech’s board. This governance model is designed to steer the company’s strategic direction effectively. Furthermore, United Fintech plans to host quarterly industry roundtables, encouraging dialogue on shared challenges and innovation. This initiative aims to create a collaborative ecosystem, speeding up the digital transformation of financial institutions.

United Fintech’s vision is shared by every single C-level executive

Junaid Baig, Head of Strategic Investments & Co-Head of Strategy with BNP Paribas Global Markets, said: “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”.

 

Ayesa Latif, Global Head of Foreign Exchange Products at Citi, commented: “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.”

“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 energizes our pursuit of a unified ecosystem”, added United Fintech CEO Christian Frahm.

Read this next

blockdag

BlockDAG’s Explosive Presale Hits $20.3M In April Swaying Investors From XRP’s Price Trends Upward, & Polygon’s NFT Market

Learn about BlockDAG’s impressive $20.3M presale results, XRP’s price increase prospects, and the booming NFT market on Polygon among the top 10 cryptocurrencies.

Retail FX

Financial Commission warns of Eplanet Brokers

The Financial Commission, a self-regulatory compliance specialist for the financial services industry, is ramping up its scrutiny of unregulated brokerage firms. Today, the independent association warned against a company called Eplanet Brokers.

Retail FX

Dubai crypto exchange steps into prop trading

Dubai-based cryptocurrency trading platform, CoinW Exchange, marked its sixth anniversary by announcing a rebranding initiative and launching a proprietary trading product.

Fintech

Bitcoin payments app Strike launches in Europe

Bitcoin blockchain-based payments app Strike launched in Europe on Wednesday, allowing users in the region to buy, sell, and withdraw bitcoin (BTC).

Chainwire

Bandit Network’s Points SDK and Brave Ads Power Astar zkEVM’s Quest Platform “Yoki Origins”

“Yoki Origins,” supported by Bandit Network and Brave Ads, introduces a gamified and rewarding experience for Astar zkEVM users, marking a significant milestone in Web3 adoption.

Digital Assets

Crypto ETFs to debut in Hong Kong next week

Hong Kong has authorized six cryptocurrency-based spot ETFs set to launch on April 30, according to Bloomberg.

blockdag

BlockDAG Among The Best New Crypto To Invest In Post 8 Billion Coins Sales; More On Bitcoin Cash Futures’ Launch & Solana Positive Predictions

Explore Solana’s ATH predictions to see whether it can rise after a $17B dip? BlockDAG sells 8 billion coins in presale as Bitcoin Cash Futures launch.

Fundamental Analysis, Market News, Tech and Fundamental

Global FX Market Summary:USD, FED, German IFO ,Gold April 24 ,2024

Mixed US economic data and Fed rate hike uncertainty are causing volatility in the EUR/USD pair, while the Eurozone and gold prices add another layer of complexity.

Market News, Tech and Fundamental, Technical Analysis

EURCHF Technical Analysis Report 24 April, 2024

EURCHF currency pair can be expected to rise further toward the next major resistance level 0.9840, which stopped the pervious waves C and B, as can be seen below.

<