United Fintech bolsters FX and digital assets capabilities with Cobalt acquisition
End-to-end banking solution provider United Fintech has acquired UK fintech Cobalt, strengthening its foreign exchange (FX) and digital assets capabilities.
The deal is United Fintech’s fifth acquisition since its inception in 2020, having purchased FairXchange, TTMZero, Athena Systems and NetDania previously.
Cobalt, which was founded in 2015, provides core shared ledger infrastructure for banks in foreign exchange trading and digital assets.
Among its customers are banks including Deutsche Bank, Citi Bank, Barclays, BNP, NatWest, ABN Amro and Standard Chartered Bank.
Following completion of the transaction, Cobalt will continue to operate as a standalone company under United Fintech, while Cobalt’s clients and employees will be onboarded onto United Fintech’s platform.
Christian Frahm, founder and CEO of United Fintech, will be appointed as the new chairman of Cobalt.
Meanwhile, Cobalt’s co-founder and chief product officer Andrew Coyne and CEO Darren Coote will lead the business day to day.
“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,” said Frahm.
“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.”
Coyne 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.”