BNP Paribas and Citi have become the first institutional investors in United Fintech, a neutral digital transformation platform. The strategic investment round was led by Citi. The fintech firm has revealed that it is also in advanced talks with other investors and has expressed a belief that the interest from investors signals “a broad industry shift towards collaborative fintech innovation”.
BNP Paribas and Citi have agreed to a unique governance model that gives them two rotating board seats, which will allow them to contribute to the platform’s strategic direction. In a statement, United Fintech revealed a commitment to hosting “quarterly industry roundtables on shared challenges and innovation”. The aim is to “foster a collaborative ecosystem” that will enable quicker digital transformations for financial institutions.