United Fintech, an umbrella outfit dedicated to scooping up a stable of capital markets, wealth management and wholesale banking vendors, has made it sixth and largest acquisition to date, buying out trade finance and payments vendor Commercial Banking Applications.
Founded in 2020 by CEO Christian Frahm, United Fintech has so far acquired five fintechs, employing over 160 people across 8 countries. Firms acquried under the United Fintech roll up include Cobalt, FairXchange, TTMZero, Athena Systems and NetDania.
The latest acquisition was financed by both equity and debt from existing investors, which include four major banks: BNP Paribas, Citi, Danske Bank, and Standard Chartered.
The deal marks United Fintech’s entry into the commercial banking segment, providing the technology to support financial institutions in their digital transformation efforts.
CBA serves a network of leading banks across Europe and Asia, with ABN Amro standing out as one of its top-tier banking customers.
Says Frahm: “We are thrilled to welcome CBA into the United Fintech family. CBA has a proven track record of delivering innovative, high-quality solutions that help banks optimize their operations.”
As part of the deal, 15% of the total consideration has been reinvested into United Fintech shares, ensuring that CBA’s employees remain actively engaged in the company’s future.