Barclays (BCS.US) invests in United Fintech, becoming the fifth largest shareholder of the bank.

Barclays PLC Sponsored ADR (BCS.US) is taking a stake in a joint venture financial technology company focused on banking technology, joining a group of investors that already includes four major European and American competitors. According to a statement released on Wednesday, the lending institution based in London will pay an undisclosed amount as consideration to subscribe to new shares issued by United Fintech Group and secure a seat on the board of this start-up company. United Fintech focuses on acquiring technology companies that provide services to the financial industry and integrates their solutions deeply into its platform to meet the needs of banking clients. So far this year, the company has successfully acquired two financial technology companies, bringing the total number of acquisitions to seven. Its business footprint currently covers 11 regions worldwide, with over 200 employees. The company is headquartered in London and also has a significant branch in Copenhagen. In the past two years, BNP Paribas, Citigroup, Standard Chartered, and Danske Bank have successively invested in United Fintech; with the addition of Barclays PLC Sponsored ADR, the bank investors in United Fintech will increase to five. The founder of the financial technology company and former executive at Saxo Bank, Christian Frahm, stated that the capital injected by Barclays PLC Sponsored ADR will be used directly for business expansion and further investments, including in companies focusing on artificial intelligence solutions. Large institutions are facing increasing difficulties in directly adopting native artificial intelligence technology, he said. Frahm expects the company to attract more banks to join its shareholder ranks in the "medium-short term".