In a groundbreaking move, BNP Paribas and Citi have emerged as institutional investors in United Fintech Group Limited, a neutral Digital Transformation Platform.
The strategic investment, spearheaded by Citi, signifies a transformative juncture for United Fintech, which is currently engaged in advanced discussions with other prominent strategic investors.
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Under the terms of the agreement, BNP Paribas and Citi will secure two rotating board seats, presenting a distinctive governance model that empowers institutional investors to shape the platform’s strategic trajectory.
United Fintech, in turn, commits to hosting quarterly industry roundtables, fostering collaboration and dialogue on shared challenges and innovations. This collaborative ecosystem aims to accelerate financial institutions’ digital transition by pooling resources and ideas.
Junaid Baig, Head of Strategic Investments & Co-Head of Strategy at 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, said: “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.”
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By GlobalDataFounded in 2020 by CEO Christian Frahm, United Fintech has rapidly expanded its footprint, employing over 160 professionals across eight countries. This strategic investment round is anticipated to pave the way for additional backing from strategic investors.
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