United Fintech's CobaltFX has promoted Stephen Nelson to Chief Operating Officer. Previously, Nelson was the Global Head of Operations, a role he held for five years. He joined the firm in 2017 as the Head of Solution Delivery and Support.

Changes in Top Management

Speaking about the promotion, Nelson said: "Nothing is possible without a great team of people around you. I am incredibly thankful for being a part of a journey that is now really starting to take off. This promotion to Chief Operating Officer is not just a personal achievement but a testament to the hard work and support of everyone around me. Together, we continue to grow and deliver excellence."

CobaltFX has also made other changes to its C-level management. Daniel Evans will transition to Chief Product Owner. According to the company’s announcement on LinkedIn, Evans will focus on product development and innovation. He joined the company in 2019 as a Product Analytics Lead before being promoted to Head of Product.

United Fintech acquired Cobalt, a provider of data and risk services to the digital assets and foreign exchange markets, in 2022. The fintech firm disclosed that it had acquired a 100% stake in Cobalt despite the challenges facing the industry. Since its establishment in 2020, United Fintech has steadily grown through other acquisitions, including Athena Systems, FairXchange, NetDania, and TTMZero.

United Fintech's Acquisition of Cobalt

Following Cobalt's integration into United Fintech, clients and employees were transitioned to the new entity, but the company continued operating as an independent unit within United Fintech. Christian Frahm, the Founder and CEO of United Fintech, took on the role of Cobalt's Chairman to ensure synergy between the two entities. United Fintech has offices in London, New York, and Singapore.

Last year, Cobalt rebranded as CobaltFX to focus exclusively on the foreign exchange market. Andrew Coyne, previously associated with Cobalt and now a member of United Fintech, emphasized the firm's commitment to revolutionizing the FX landscape, particularly through a platform designed for credit optimization and post-trade FX processes.