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Danske Bank A/S has become the third institutional investor in United Fintech Group Limited, securing a rotating board seat in the rapidly growing industry-neutral Digital Transformation Platform. This move signifies that shared collaboration is the way forward for financial services as global banking enters a new era of collective innovation.
Claus Harder, Head of Transaction Banking & LC&I Business Development with Danske Bank, stated, "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, where the partnership allows Danske Bank to expand its exposure to innovative solutions, ultimately benefiting our customer value proposition."
The investment will enable swift access to cutting-edge fintechs through United Fintech's industry-neutral Digital Transformation Platform, allowing Danske Bank to benefit from new strategic partnerships and scalable ways of diversifying its digital ambitions, thus supporting the bank's Forward '28 strategy across various areas.
Harder elaborated, "With a company backbone highly aligned with our 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. 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."
Christian Frahm, CEO and founder of United Fintech, believes that Danske Bank's investment is not only a testimony to the Nordic bank's commitment to shared collaboration on an industry-neutral platform but also signals a broad industry shift towards collaborative fintech innovation as global banking enters a new era.
"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. 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.
The announcement of Danske Bank's investment comes just months after BNP Paribas and Citi entered as institutional investors in United Fintech on February 27, 2024. United Fintech confirms that it is also in advanced talks with further strategic investors to join its transformative journey.
