United Fintech, a neutral Digital Transformation Platform that connects global financial institutions and cutting-edge technology providers, has secured strategic investments from Citi and BNP Paribas, two of the world’s leading banks.

The deal, led by Citi, gives the banks rotating board seats and access to quarterly industry roundtables hosted by United Fintech, where they can share insights and ideas on fintech innovation and digital transformation.

United Fintech, founded in 2020 by CEO Christian Frahm, aims to create a collaborative ecosystem where financial institutions can leverage the best fintech solutions to enhance their efficiency, agility and customer experience.

The platform acquires engineering-led fintechs within Capital Markets, Wholesale Banking and Wealth Management and provides them with global distribution, operational support and scalability. So far, United Fintech has acquired five fintechs and plans to acquire more in the future.

The investment round is a testament to the vision and leadership of United Fintech, which has attracted the interest of other potential strategic investors. Frahm said: “The backing of Citi and BNP Paribas is a significant milestone for United Fintech and a sign of a broad industry shift towards collaborative fintech innovation. Our platform enables financial institutions to access the world’s most innovative fintechs and 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.