NEWS
United Fintech Group Limited, led by Christian Frahm, welcomes Danske Bank as its third institutional investor, following BNP Paribas and Citigroup. This addition also grants Danske Bank a rotating board seat within the company.
The announcement on Tuesday marks Danske Bank’s entry shortly after the company secured its initial institutional investors. Like Danske Bank, the two preceding institutional investors also secured board seats.
Danske Bank is Denmark’s largest lender with total assets exceeding $558 billion by the end of 2023. Before this investment, the Danish bank had already engaged one of United Fintech’s portfolio companies.
Claus Harder, Head of Transaction Banking & LC&I Business Development at Danske Bank, stated, “Danske Bank… sees great opportunities as per both collaboration within the existing ecosystem of fintech companies, and 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.”
This strategic investment promises mutual benefits for both United Fintech and Danske Bank. As the official press release highlighted, the investment will enable Danske Bank to further diversify its digital ambitions, particularly in alignment with its Forward ’28 strategy.
“United Fintech is an investment that provides a unique digital edge and competitive advantage to support our strategy in terms of both relevance and time-to-market when it comes to future innovative solutions,” remarked Harder.
He continued, “Furthermore, 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.”
Established by Christian Frahm in November 2020, United Fintech aims to scale small and mid-sized startups over five years. Frahm, who sold CFH Clearing (now Finalto) in 2019, has strategically built an impressive portfolio by acquiring stakes in NetDania, TTMzero, FairXchange, Athena Systems, among others.
“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,” Frahm concluded.
