United Fintech named three new partners today (Tuesday). Its internal ownership group now numbers six. The London company also set out a four-person senior leadership team, which leaves two of those partners outside it.
All three new partners arrived through businesses United Fintech acquired. Guy Hopkins built FX analytics firm FairXchange, Darren Coote ran Cobalt, and Rasmus Bagger was chief executive of NetDania, one of the company's first two purchases.
The structure gives founders of acquired companies equity in the parent rather than in the businesses they sold. United Fintech has bought at least six firms since launching in November 2020, and its model depends on keeping the engineers who built them.
The people who build infrastructure "should have the opportunity to own it for the long term," founder and Chief Executive Christian Frahm said in the announcement.
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Two Partners Are Not on the Leadership Team
The leadership team is Frahm, Bagger as chief commercial officer, Marc Levin as chief operating officer and Hopkins as chief product officer. Tom Robinson and Coote hold partnerships without a seat on it.
United Fintech reshuffled its management in March 2024, after the BNP Paribas and Citi investments, naming Luis Otero chief technology officer and Troels O. Lindblad chief financial officer.
Neither appears on Tuesday's list. The company did not say whether they remain in those roles, and it named no finance or technology chief among the four.
Coote joined when United Fintech bought Cobalt outright in December 2022 and kept him as chief executive of the FX data and risk business. It had taken a 25% stake in FairXchange a year earlier.
The Partner Title Predates Tuesday's Announcement
FinanceMagnates.com reported in March 2024 that Levin moved from a partner role to run Athena Systems, United Fintech's asset management business. The release presents the partnership as newly established.
United Fintech did not disclose how much of the company the six partners hold between them, whether their stakes are equal, or whether the arrangement dilutes the bank shareholders.
The announcement describes the partnership as an internal ownership group that stands separate from the outside investors. Frahm founded it and leads it as senior partner, the company said.
Frahm set out the same idea in a 2023 interview with FinanceMagnates.com, saying the company treats acquisitions as long-term partnerships in which founders keep control of product development.
Banks Own the Platform They Buy From
Barclays became the fifth bank shareholder in December 2025 and took a full board seat, joining BNP Paribas, Citi, Danske Bank and Standard Chartered, all of which invested from 2023 onward.
Danish fund Dansk Vaekstkapital, which the announcement calls Danske Growth Capital, came in as the sixth backer six days later. It operates under Danske Private Equity and Danske Bank Asset Management.
Banks have funded neutral infrastructure in other shapes. Fnality, owned by a consortium that includes Barclays, BNP Paribas and Citi, raised $136 million in September 2025 to extend its settlement systems.
Broadridge bought trading technology provider Itiviti for about $2.5 billion in 2021 and folded it into its own connectivity network.
United Fintech's most recent deals were AI lending platform Trade Ledger in November 2025 and trade finance software firm CBA in February 2025, both in wholesale banking, a step away from the capital markets tools the company started with.
The company says it is building more AI-native products with its customers, and expects much of the technology used across wholesale banking and capital markets to be distributed through shared industry platforms over time.
The company says more than 250 institutions use its technology, including 11 of the 12 largest banks, and that it employs around 200 people across 11 countries. FinanceMagnates.com could not independently verify the figures.
United Fintech keeps the businesses it buys trading under their own names and sells their software to banks that in several cases also own part of the parent.
