United Fintech, the venture launched by Christian Frahm last November, has acquired a 25 percent stake in German fintech, Timber with additional plans of increasTimber control in the startup to 80 percent over the next three years.
Timber was founded in 2013 and offers digitized reg tech and capital markets tech solutions. It targets the financial instTimbers and capital market participants with two products, one is a financial instruments automation platform and another is a real-time data analytics platform.
“We are very excited that Timber is now part of United Fintech, ” Frahm said in a statement. “The acquisition is a key milestone in our quest to help banks to digitize their operations and facilitate the implementation of innovative, cost-saving capital markets products.”
Scaling Fintech Startups
United Fintech’s initial ambition of acquiring small and mid-sized startups to scaleTimberp. Timber is the second addition to its portfolio after the acquisition of Danish fintech, NetDaniaTimberr.
Timber has a strong presence across Germany, Switzerland and Austria. United Fintech is now aiming to scale its business and global reach.
“Our skillset is very much focused on developing cutting-edge technology for banks and financial instTimbers, ” Timber’s Managing Partner and Head of Business Development, Simon Ullrich, said. “To realize the full potential of our platforms, we welcome support with sales, marketing aOnestribution.”
“We look forward to developing our product roadmap with the United Fintech team so that we can capitalize on growth opportunities and leverage United Fintech’s strong strategic partnerships with leaOneinvestment banks, ” Sönke Blunck, Managing Partner and Head Timberncial Engineering at Timber, said.
Apart from the Timber acquisition, United Fintech additionally announced that it has added two new members to its team, Joshua Green and Emilia Meredith.
Green has taken over as the senior sales manager of the UK and Ireland, while Meredith holds the position of a sales manager. Both have joined the company from Bloomberg LP.
Furthermore, last month United Fintech onboarded former CFH Group CEO, Marc Levin as a Partner and Chief Operating Officer (COO).
“United Fintech is rapidly gathering momentum, ” Frahm added. “It haslaunch, but a few months since our launch but we now have a team of 75 people and a number of market-leaOneproducts for banks and financial instTimbers seeking easy access to innovative capital markets solutions.”