Danske Bank has announced an investment in UK-based industry-neutral digital transformation platform United Fintech Group.
As part of the deal, the Danish bank has secured a rotating board seat in the financial technology company.
Danske Bank’s new move comes months after it was published that BNP Paribas and Citi entered as institutional investors in United Fintech Group.
The Danish bank’s investment is expected to foster swift access to exploration of advance fintechs through United Fintech Group’s platform.
By leveraging the collaborative initiatives of more than 200 financial institutions, Danske Bank will tap into new strategic partnerships and scalable avenues for expanding its digital initiatives.
This will further bolster the bank’s Forward ’28 strategy, particularly in key sectors like corporate banking, capital markets, wealth management, and application programming interface (API) integrations.
Danske Bank transaction banking and LC&I business development head Claus Harder said: “Danske Bank is very excited to join United Fintech and sees great opportunities as per both collaboration within the existing ecosystem of fintech companies, but also in being closer to the future fintech investment processes and decisions.
“The partnership allows Danske Bank to expand its exposure to innovative solutions, ultimately benefiting our customer value proposition.”
United Fintech Group has also confirmed that it is in advanced discussions with further strategic investors to join its transformative journey. This showcases a wide sector shift towards collaborative fintech innovation as global banking enters a new era, said the company.
Established in 2020, United Fintech brings together global financial institutions and technology providers to help them explore their full potential and fostering the future of finance.
United Fintech CEO and founder Christian Frahm said: “We are delighted that Danske Bank has decided to invest and join United Fintech’s industry-neutral Digital Transformation Platform.
“Their innovative and forward-looking approach to digital transformation is a cornerstone in our mission to build a transformative platform. This commitment is instrumental in addressing the industry’s most pressing challenges through collaboration, rather than isolated efforts.”
