United Fintech today revealed it has bought provider of critical risk and data services to the FX and digital asset markets, Cobalt.
Cobalt was founded in 2015. The company provides core shared ledger infrastructure for banks in foreign exchange trading and digital assets. Its platform leverages blockchain-derived concepts to create a single, shared view of every transaction eliminating the need for reconciliation across siloes and multiple systems. The company currently provides services to top tier banks such as Deutsche Bank, Citi Bank, Barclays, BNP, Natwest, ABN Amro and Standard Chartered Bank.
Andrew Coyne, Co-Founder & Chief Product Officer, Cobalt, added:
I am very happy that Cobalt is now part of the United Fintech family. They will help us accelerate shared infrastructure adoption for the benefit of all market participants. This will allow our clients to access markets more efficiently, with better control and lower cost.
Under the acquisition agreement, United Fintech will onboard Cobalt, its clients and employees onto its platform. However, Cobalt will continue to operate as a standalone company. Christian Frahm will serve as the new Chairman of Cobalt and Cobalt’s co-founder & Chief Product Officer Andrew Coyne and CEO Darren Coote will remain in leadership of the day to day business.
Christian Frahm, founder and CEO, United Fintech said:
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.
Foreign Exchange is a core part of a bank’s infrastructure today. In the future I’m convinced digital assets will become a key asset class in the sophisticated money management space, while financial institutions and banks will need a high level of expertise and know-how to thrive in the coming digital banking era. Cobalt’s technology is a great addition to the United Fintech global range of products and services and I look forward to the new phase of our growth journey together.
Since its launch in 2020, United Fintech has already made five acquisitions. The company has quickly expanded its team to 150 across its offices in New Yor, London and Singapore. In the last two years, the fintech firm launched by Christian Frahm, has acquires FairXchange, TTMZero, Athena Systems and NetDania.
