StanChart invests in fintech M&A company, joining Citi, BNP
Barclays Plc, Deutsche Bank AG and Morgan Stanley are some customers of United Fintech Group
Standard Chartered Plc will take a stake in United Fintech Group, becoming the fourth large bank this year to invest in the London-based company as it negotiates new acquisitions to serve the capital markets industry.
Standard Chartered will get board observer rights and may later receive a rotational board seat, the two companies said on Thursday. They didn’t disclose the size of the stake or the price.
“The investment from Standard Chartered will be used to fund further growth via M&A where I can confirm that United Fintech is in advanced talks with several acquisition targets,” founder Christian Frahm said by email.
Standard Chartered joins BNP Paribas SA, Citigroup Inc. and Danske Bank A/S in investing in United Fintech, which specializes in buying financial industry startups and adapting their technologies to its platform to meet the needs of bank clients. Among customers are Barclays Plc, Deutsche Bank AG and Morgan Stanley.
United Fintech may get even more investors. Frahm said other large banks have expressed an interest in investing.
— By Christian Wienberg (Bloomberg News)
