Software

Citi, BNP Paribas invest in United Fintech Group

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March 4, 2024

BNP Paribas and Citi have invested in United Fintech Group Ltd., a digital transformation platform provider. The banks will take two rotating board seats as part of this investment, according to a press release.

United Fintech Group aims to connect financial institutions and fintech providers to improve financial services.

"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," Junaid Baig, head of strategic investments and co-head of strategy with BNP Paribas Global Markets, said in the release.

"More than a significant milestone for United Fintech, the backing of Citi and BNP Paribas is a testimony of forward-thinking leadership. As momentum builds, we project that more financial institutions will soon follow: Our vision of a neutral industry platform for digital transformation, to swiftly enable access to the world's most innovative fintechs, is shared by every single C-level executive we've spoken with for the past four years, and their support energizes our pursuit of a unified ecosystem," Christian Frahm, CEO of United Fintech, said in the release.