United Fintech, the end-to-end banking technology solution, announced the complete purchase of Cobalt, a supplier of critical data and risk management services to the financial technologies and digital asset markets. By integrating cutting-edge financial technologies into financial institutions, the acquisition strengthens United Fintech’s position as the top end-to-end solution for accelerating digital transformation.
United Fintech was established in 2020 to bring together the most talented individuals working in capital markets, assisting in the evolution of the financial services sector, and creating positive change. Partners include Athena Systems, TTMZero, NetDania, and FairExchange, which support its digital capital markets solutions. With the acquisition and scaling of cutting-edge fintech startups for growth, United Fintech equips financial institutions to flourish and compete in the digital age.
Since its launch, United Fintech has set out to acquire many capital markets fintech companies and assist them in promoting their goods and services to major financial institutions across the world. It has rapidly scaled its team to 150 across London, New York, and Singapore. Following the previously mentioned fintech companies, Cobalt is its fifth acquisition.
Cobalt, founded in 2015, offers core shared ledger technology for institutions engaged in the trading of digital assets and foreign exchange. To eliminate requirements for the reconciliation of data silos and other systems, the company’s platform uses blockchain-derived principles to generate a single, shared picture of every transaction. This lowers credit risk and increases cost-effectiveness for currency trading. Top-tier banks like Citi Bank, Standard Chartered Bank, Barclays, Natwest, BNP, ABN Amro, and Deutsche Bank are currently among Cobalt’s clients.
Cobalt will continue to run as a separate business under United Fintech while being integrated into the platform of United Fintech together with its customers and employees. Cobalt’s co-founder and chief product officer Andrew Coyne and CEO Darren Coote will continue to run the company, while United Fintech’s CEO and founder, Christian Frahm, will be named as the new chairman of the company.
Christian Frahm of United Fintech commented on the latest acquisition: “It is incredibly exciting to welcome some of the financial industry’s accomplished leaders to the United Fintech family. Cobalt is at the forefront of critical institutional trade infrastructure for foreign exchange and digital assets, leading the field in innovation that empowers banks to keep pace with the ever-evolving capital markets. Foreign Exchange is a core part of a bank’s infrastructure today. In the future, I’m convinced digital assets will become a key asset class in the sophisticated money management space, while financial institutions and banks will need a high level of expertise and know-how to thrive in the coming digital banking era. Cobalt’s technology is a great addition to the United Fintech global range of products and services and I look forward to the new phase of our growth journey together.”
Andrew Coyne of Cobalt, added, “I am very happy that Cobalt is now part of the United Fintech family. They will help us accelerate shared infrastructure adoption for the benefit of all market participants. This will allow our clients to access markets more efficiently, with better control and lower cost.”