Digital transformation platform United Fintech has secured its first institutional investors after getting financial backing from BNP Paribas and Citi.

Financial details of the arrangement were not disclosed but two rotating board seats will be given to BNP Paribas and Citi

The London-based startup is also planning to host a series of quarterly industry roundtables to “facilitate industry dialogue” and enable financial institutions including asset managers and hedge funds to “accelerate their leap into the digital era”.

United Fintech also claims to be in advanced talks with a number of other investors.

The tech firm, which was founded in 2020, claims that the investment is sign of a broad industry shift towards more “collaborative fintech innovation”.

For example, asset managers are increasingly talking about a digitally-enabled ‘ecosystem’ which enables firms to develop web-based micro services using APIs and ‘neutral’ platforms rather than installing heavy-duty infrastructure.

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