United Fintech, an umbrella outfit dedicated to scooping up a stable of capital markets, wealth management and wholesale banking vendors, has made its seventh acquisition to date, buying out commercial lending platform Trade Ledger.
Founded in 2020 by CEO Christian Frahm, United Fintech has so far acquired six fintechs, including Cobalt, FairXchange, TTMZero, Athena Systems, NetDania and Commercial Banking Applications (CBA).
Trade Ledger brings to United Fintech a strong customer base that includes Barclays and Bank of Queensland, along with expertise in AI-based data-driven lending and commercial banking automation. The company was founded in 2016 in Sydney, Australia and is headquartered in London.
Says Frahm: "Together with our acquisition of CBA earlier this year, we’re now building the most complete digital infrastructure for commercial banking, from lending and trade finance to payments. Through the United Fintech ecosystem, we’re scaling this innovation globally to give financial institutions the intelligent infrastructure they need to thrive in the AI era.”
The acquisition is structured as an all-share transaction, which sees Trade Ledger’s founders exchanging their shares for equity in United Fintech.
Martin McCann, CEO and co-founder of Trade Ledger, comments: “By becoming part of United Fintech, we gain the expertise, scale, and global reach to adeliver impact faster than we could alone. We’re also proud to become shareholders in United Fintech, reflecting our belief in the long-term value of being part of something bigger.”