United Fintech, an umbrella outfit dedicated to scooping up a stable of capital markets, wealth management and wholesale banking vendors, was founded in 2020 by CEO Christian Frahm.

The firm has so far snapped up five fintechs, employing over 160 people across 8 countries. Firms acquired under the United Fintech roll up include Cobalt, FairXchange, TTMZero, Athena Systems and NetDania

As part of the new financing deal, Danske Bank has secured a rotating board seat and will contribute to the platform’s strategic direction.

Claus Harder, head of transaction banking & LC&I business development with Danske Bank, says: “Danske Bank...sees great opportunities as per both collaboration within the existing ecosystem of fintech companies, but also in being closer to the future fintech investment processes and decisions, where the partnership allows Danske Bank to expand its exposure to innovative solutions, ultimately benefiting our customer value proposition.”

He says the investment will go a long way to support the Nordic bank's Forward ’28 strategy across areas such as corporate banking, capital markets, wealth management and API integrations:

“The investment in United Fintech will generate possibilities to engage directly with fintechs that are subscale; to support their growth while simultaneously helping fuel our own digital transformation and growth strategy,” elaborates Harder.

The investment comes just months after BNP Paribas and Citi entered as institutional investors in United Fintech.

United Fintech CEO Frahm says the firm expects to attract more leading institutions to the collaborative movement.

Speaking of Danske Bank's involvement, Frahm says: "This commitment is instrumental in addressing the industry's most pressing challenges through collaboration, rather than isolated efforts. By uniting the strengths of Danske Bank and our other banking partners, we are setting the stage for a new era in banking where we move beyond traditional silos to propel the industry into the digital age.”