Wealthtech FNZ secures $1.4bn investment
Wealth management platform FNZ has secured $1.4 billion in new funding from CPP Investments and Motive Partners to turbocharge its expansion plans.
The company says the investment, which values FNZ at more than $20 billion, is one of the largest ever primary equity raises in the wealth management sector.
The capital will help FNZ accelerate its growth through increased R&D, as well as driving growth in new markets the firm has recently entered, in particular North America.
FNZ founder and CEO Adrian Durham says: “The company has successfully demonstrated exponential growth in the scale and depth of customer relationships and geographic expansion with platform revenues more than quadrupling in the past three years to over $1 billion per annum.”
Founded in New Zealand in 2003, FNZ boasts $1.5 trillion in assets under administration and claims more than 20 million customers worldwide.
FNZ says it wants to “open up” wealth and empower everyone to achieve prosperity through personal investment aligned with the things they care about most.
The wealthtech works with more than 650 financial institutions including abrdn, Allianz, Aviva, Barclays, BNP Paribas Cardif, BNZ, Colonial First State, Generali, Jarden, Lloyds, Momentum, NAB, Quilter, Swedbank, UOB and Vanguard.
The platform allows these institutional customers to create hyper-personalised products and services that are aligned with the needs of their clients from all wealth segments, including savings and retirement, affluent and high-net worth.
In December, FNZ acquired Appway, a client onboarding and servicing specialist in the financial industry.