Banks boost United Fintech investment amidst digital transformation gap.

TLDR:

• BNP Paribas and Citi invested in digital transformation platform United Fintech to bridge the gap in technology transformation.
• United Fintech acquires and scales fintechs in the capital market space to help institutions accelerate their digital transition.

BNP Paribas and Citi have become the first institutional investors in United Fintech, a digital transformation platform for the capital markets. United Fintech focuses on acquiring and scaling fintechs to create a centralized platform for banks, hedge funds, and asset managers. Christian Frahm, founder and CEO of United Fintech, emphasized the need for institutions to transition out of legacy technology and save costs. The platform not only provides easy access to fintech products but also centralizes functions such as invoicing and financing. Institutions like BNP Paribas and Citi will benefit from efficient access to multiple fintech products and cost savings through the platform. The article also highlighted the growing divide between digital transformation leaders and non-leaders in the industry. According to a study from Broadridge Financial Solutions, leaders are prioritizing AI investments in customer interaction. Additionally, the GenAI era has arrived in wealth and asset management, with firms actively investing in advanced technologies but expressing concerns about data accuracy, quality, and privacy. United Fintech aims to align closely with customers’ strategic roadmaps and foster industry collaboration through its platform.