United Fintech has completed the full acquisition of Commercial Banking Applications (CBA), a provider of API-driven trade finance and payments solutions.
The transaction was funded through a mix of equity and debt from existing investors, including BNP Paribas, Citi, Danske Bank, and Standard Chartered. This acquisition marks United Fintech’s entry into the commercial banking sector.
United Fintech Acquires CBA for Expansion
“CBA has a proven track record of delivering innovative, high-quality solutions that help banks optimize their operations,” Christian Frahm, CEO & Founder of United Fintech, commented.
CBA provides technology solutions to banks across Europe and Asia. Its clients include ABN AMRO. The acquisition allows United Fintech to integrate CBA’s API-based trade finance and payments technology into its platform. The company aims to support banks in their digital transformation efforts.
“Their technology perfectly complements our vision of building a comprehensive digital ecosystem for financial institutions. With CBA’s talented team and industry-leading expertise, we are well-positioned to strengthen our digital commercial banking roadmap,” Frahm added.
Meanwhile, Standard Chartered has invested in United Fintech Group Limited. This aligns with Standard Chartered’s strategy to enhance digital solutions in capital markets and financial services, as reported by Finance Magnates. The investment includes Board observer rights and, upon meeting conditions, a rotational Board seat. Additionally, United Fintech has opened a new office in Dubai to support the UAE’s growing fintech sector.
Enhancing Platform with CBA
United Fintech focuses on automation, efficiency, and security in financial technology. The addition of CBA’s capabilities is expected to enhance its offerings for commercial banks. The company continues to pursue acquisitions and partnerships to expand its platform.
As part of the deal, 15% of the total consideration has been reinvested into United Fintech shares. This structure aims to keep CBA employees engaged in the company’s future. United Fintech intends to use its global reach and CBA’s technology to develop solutions for financial institutions.
Rolf Hauge, CEO & Founder of CBA, expressed his enthusiasm by commenting: “Joining United Fintech is an exciting new chapter for CBA. Our technology stack aligns seamlessly with United Fintech’s strategy, and this partnership will enable us to scale our solutions globally.”
This article was written by Tareq Sikder at www.financemagnates.com.FinTechRead More
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