United Fintech buys Norway's Commercial Banking Applications
This acquisition marks United Fintech's foray into the commercial banking sector.
The deal was supported by equity and debt funding from current investors, including BNP Paribas, Citi, Danske Bank, and Standard Chartered.
CBA's network spans leading banks in Europe and Asia, with ABN AMRO as a notable customer.
The integration of CBA's technology is set to bolster United Fintech's capabilities in aiding financial institutions with their digital transformation journeys.
CBA's specialisation in API-based banking technology, now combined with United Fintech's global presence, aims to drive operational efficiencies for financial institutions.
Notably, 15% of the total acquisition consideration has been reinvested into United Fintech shares.
According to United Fintech, this reinvestment signifies the employees' dedication to United Fintech's long-term goals and a collective effort to foster innovation in commercial banking technology.
The partnership is designed to leverage the combined expertise of both entities and scale solutions across the global financial industry.
United Fintech founder and CEO Christian Frahm said: "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.
'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."
"United Fintech buys Norway's Commercial Banking Applications" was originally created and published by Retail Banker International, a GlobalData owned brand.
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