Wealthtech FNZ acquires client onboarding tech vendor Appway
FNZ, a long-standing player in the wealthtech space, has acquired Appway, a client onboarding and servicing specialist in the financial industry.
The two companies have been working together since early 2020.
FNZ describes the acquisition as “strategic” as it brings “significant technology expertise in enterprise-grade low-code no-code workflow automation with deep domain expertise across the entire wealth management value chain”.
Last year, Zurich-based Appway raised $37 million in equity.
Hanspeter Wolf, CEO and founder of Appway, says the company’s technology helps banks and financial institutions to achieve up to 90% faster client onboarding times and a 10% increase in margins on average per onboarded client.
Once the deal is completed (expected in early 2022), Wolf will become chief technology officer of the FNZ Group.
The terms of the deal were not disclosed.
FNZ provides a technology, transaction and custody platform to wealth managers, banks, insurers and asset managers in 18 countries across North America, Europe and Asia-Pacific.
It has 150+ major financial institutions on its list, and over $1.5 trillion in assets under administration.