United Fintech acquires Cobalt to bolster foreign exchange and digital asset offering

United Fintech has fully acquired Cobalt to strengthen its position in the foreign exchange and digital asset markets.

The latest deal is the fifth acquisition for the fintech, an end-to-end solution for banking technology, since it launched in 2020.

The acquisition of Cobalt, a provider of critical risk and data services to foreign exchange and digital asset markets, is set to bolster United Fintech’s position in the industry, and is in addition to that of FairXchange, TTMZero, Athena Systems and NetDania.

Cobalt’s customer base currently includes Deutsche Bank, Citi Bank, Barclays, BNP, Natwest, ABN Amro and Standard Chartered Bank.

“Cobalt is at the forefront of critical institutional trade infrastructure for foreign exchange and digital assets, leading the field in innovation that empowers banks to keep pace with the ever-evolving capital markets,” United Fintech founder and CEO Christian Frahm said.

Foreign Exchange is a core part of a bank’s infrastructure today, Frahm added, noting that  Cobalt’s technology is a “great addition” to United Fintech’s products and services.

“In the future I’m convinced digital assets will become a key asset class in the sophisticated money management space, while financial institutions and banks will need a high level of expertise and know-how to thrive in the coming digital banking era,” he said.

United Fintech will onboard Cobalt, its clients and its employees onto its platform while it continues to operate as a standalone company, with Frahm appointed chairman.

Cobalt’s co-founder and chief product officer Andrew Coyne and CEO Darren Coote will continue to run the business day to day.

“[United Fintech] will help us accelerate shared infrastructure adoption for the benefit of all market participants,” Coyne said.

“This will allow our clients to access markets more efficiently, with better control and lower cost.”