United Fintech, a banking technology company, has announced the acquisition of Cobalt, the data and risk services to the digital assets and foreign exchange (FX) markets provider. It is Christian Frahm's firm's fifth acquisition Acquisition Acquisition means acquiring or taking possession or the securing of property, services, or abilities. To put it simply, it is the act or process of acquiring or gaining. You can acquire a work of art, you can acquire an ability such as speaking another language, you can acquire a business or shares in a company and you can acquire an accountant's service. For example, you can acquire a new car. In a broad sense, Acquisition can mean the act of taking ownership or possession of something. There Acquisition means acquiring or taking possession or the securing of property, services, or abilities. To put it simply, it is the act or process of acquiring or gaining. You can acquire a work of art, you can acquire an ability such as speaking another language, you can acquire a business or shares in a company and you can acquire an accountant's service. For example, you can acquire a new car. In a broad sense, Acquisition can mean the act of taking ownership or possession of something. There Read this Term in the last two years.

United Fintech Acquires 100% Stake in Cobalt

According to the press release published on Thursday, United Fintech acquired a 100% stake in Cobalt, continuing its growth despite the current downturn in the financial technology (fintech) industry. Since its inception in 2020, United Fintech has already taken over Athena Systems, FairXchange, NetDania and TTMZero.

Cobalt's clients and employees will now be onboarded onto the United Fintech platform, but the company will continue its operations as an independent entity under the venture. Christian Frahm, the Founder and CEO, will serve as Cobalt's new Chairman. Existing directors, including Andrew Coyne, the Co-Founder and Chief Product Officer, and Darren Coote, the Chief Executive Officer, will remain in their positions.

"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," Frahm commented.

Cobalt has been operating in the financial markets for seven years and provides shared ledger infrastructure to financial institutions in digital assets and currency trading. The platform uses ideas based on blockchain technology, simplifying and streamlining traditional trading systems. To date, banks such as ABN Amro, Barclays, BNP, Citi Bank and Deutsche Bank have used Cobalt's services.

United Fintech to Focus on Continued Growth with Cobalt Acquisition

The fintech Fintech Financial Technology (fintech) is defined as ay technology that is geared towards automating and enhancing the delivery and application of financial services. The origin of the term fintechs can be traced back to the 1990s where it was primarily used as a back-end system technology for renowned financial institutions. However, it has since grown outside the business sector with an increased focus upon consumer services.What Purpose Do Fintechs Serve?The main purpose of fintechs would be to suppl Financial Technology (fintech) is defined as ay technology that is geared towards automating and enhancing the delivery and application of financial services. The origin of the term fintechs can be traced back to the 1990s where it was primarily used as a back-end system technology for renowned financial institutions. However, it has since grown outside the business sector with an increased focus upon consumer services.What Purpose Do Fintechs Serve?The main purpose of fintechs would be to suppl Read this Term industry is currently facing problems causing a decline in funding and growth rates. In 2022, the dynamics of fintech M&As dropped by 30% compared to the record pandemic year. However, United Fintech is trying to counteract the adverse macroeconomic conditions by opening new offices and hiring market professionals.

United Fintech currently employs 150 people in offices located in London, New York and Singapore. The company has entered the Asia Pacific market by opening an office in the latter and hiring Cameron Booth as the Head of APAC. He is responsible for building the company's growth by scaling and distributing products to customers.

Earlier, United Fintech hired Raj Rathor as the Head of Sales for EMEA at its portfolio company, Athena Systems. United Fintech acquired a 25% stake in Athena in January and promised to buy out the rest over the next three years.

Furthermore, the company has appointed Chris Codo as Senior Relationship Manager based in London. Codo has been in the industry for over twenty years and has extensive experience in improving the performance of hedge funds and asset managers.