A global platform that acquires and scales innovative fintech companies in the capital market, United Fintech has fully acquired Commercial Banking Applications (CBA), a Norwegian banking technology provider specializing in API-driven trade finance and payments solutions. This acquisition sets the company’s expansion into the commercial banking sector.
“CBA has a proven track record of delivering innovative, high-quality solutions that help banks optimize their operations. Their technology perfectly complements our vision of building a comprehensive digital ecosystem for financial institutions”, said Christian Frahm, the CEO and founder of United Fintech, on a company’s press release.
The transaction was financed through a combination of equity and debt from existing investors, including major banks such as BNP Paribas, Citi, Danske Bank, and Standard Chartered. However, the financial terms of the deal have not been publicly disclosed.
CBA has established a strong presence in Europe and Asia, serving prominent banks like ABN AMRO. By integrating CBA’s technology, United Fintech aims to enhance its support for financial institutions undergoing digital transformation, improving automation, efficiency, and security in trade finance and payments operations.
Christian Frahm, CEO and Founder of United Fintech, expressed enthusiasm about the acquisition, stating that CBA’s innovative solutions align with United Fintech’s vision of building a comprehensive digital ecosystem for financial institutions. Rolf Hauge, CEO and Founder of CBA, echoed this sentiment, highlighting the opportunity to scale solutions globally and drive innovation in the financial services industry.
As part of the agreement, 15% of the total consideration has been reinvested into United Fintech shares, ensuring that CBA’s employees remain actively engaged in the company’s future. This acquisition marks United Fintech’s sixth M&A and the largest to date, reinforcing its commitment to providing advanced digital solutions to financial institutions worldwide
