United Fintech acquires 25% stake in asset management platform Athena
United Fintech has acquired a 25% stake in investment portfolio management fintech Athena Systems for an undisclosed amount.
The multi-stage acquisition deal is the company’s fourth acquisition in 14 months.
The fintech conglomerate intends to obtain another 26% of Athena in two years and the remaining 49% in three years, as well as onboarding Athena, its clients and employees onto United Fintech’s digital platform.
Athena has offices in the US, Spain and Vietnam and provides services for asset managers and hedge funds.
The move is part of United Fintech’s plan to bring various capital markets fintechs under one umbrella. The Athena acquisition sees it expanding its remit by targeting the asset management industry as it seeks to build a broad capital markets platform.
The deal follows United Fintech’s acquisition of London-based trading analytics firm FairXchange last November, again for an undisclosed amount.
The stated aim of United Fintech CEO Christian Frahm is to become a “one-stop-shop” for big banks in need of technological innovation.
“The financial services industry is waking up to a reality demanding not only that they digitise, but also help their clients digitise,” Frahm says.
“Just like banks, the managed money space is seeing huge disruption from free stock trading, robo-advisors and new fintech start-ups, and this is where fintech — and in particular Athena — can make a huge difference.”