United Fintech Acquires Cobalt, Strengthens FX and Digital Assets Services

United Fintech, the end-to-end solution for banking technology, announces the 100 percent acquisition of Cobalt, the provider of critical risk and data services to the FX and digital asset markets. The acquisition elevates United Fintech's position as the leading end-to-end solution connecting financial institutions with innovative fintechs to accelerate digital transformation.

This is United Fintech's fifth acquisition since launching in 2020 and has rapidly scaled its team to 150 across New York, London and Singapore. The acquisition of Cobalt is in addition to the acquisitions of FairXchange, TTMZero, Athena Systems and NetDania.

Founded in 2015, Cobalt provides core shared ledger infrastructure for banks in foreign exchange trading and digital assets. United Fintech will onboard Cobalt, its clients and employees onto its platform while Cobalt will continue to operate as a standalone company under United Fintech. United Fintech CEO and founder, Christian Frahm, will be appointed as the new Chairman of Cobalt and Cobalt's co-founder & Chief Product Officer Andrew Coyne and CEO Darren Coote will continue to lead the business day to day.

Commenting on the latest acquisition, Christian Frahm, founder and CEO, United Fintech said: "It is incredibly exciting to welcome some of the financial industry's accomplished leaders to the United Fintech family. 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."

"Foreign Exchange is a core part of a bank's infrastructure today. 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. Cobalt's technology is a great addition to the United Fintech global range of products and services and I look forward to the new phase of our growth journey together."

Andrew Coyne, Co-Founder & Chief Product Officer, Cobalt, added: "I am very happy that Cobalt is now part of the United Fintech family. They will help us accelerate shared infrastructure adoption for the benefit of all market participants. This will allow our clients to access markets more efficiently, with better control and lower cost."