United Fintech said on Wednesday that it has acquired Trade Ledger, a technology firm that uses artificial intelligence to automate commercial and business lending, as the investment group expands its portfolio of companies.
Trade Ledger, whose clients include Barclays and Bank of Queensland, will retain its leadership team and brand while joining United Fintech’s growing commercial banking division, the companies said in a statement. Financial terms were not disclosed.
United Fintech Chief Executive Christian Frahm said the deal strengthens the group’s push into AI-enabled infrastructure for banks.
“AI is redefining how banks operate, and Trade Ledger is at the forefront of that change,” Frahm said. “Trade Ledger CEO and Co-Founder Martin McCann and his team have built exceptional technology that transforms lending into a real-time, data-driven experience for customers. Together with our acquisition of CBA earlier this year, we’re now building the most complete digital infrastructure for commercial banking, from lending and trade finance to payments.”
The transaction is structured as an all-share transaction, with the Trade Ledger founders exchanging their holdings for equity in United Fintech.
Trade Ledger CEO and co-founder Martin McCann said joining the group would speed the company’s ability to scale globally. “Our ambition has always been to transform how banks use data and technology,” he said.
