Wealthtech FNZ snaps up private banking tech provider New Access
Wealthtech FNZ has acquired Swiss private banking technology firm New Access for an undisclosed sum as it looks to build out its end-to-end wealth management platform.
New Access is primarily active in Switzerland, Liechtenstein and Luxembourg, and these three “cross-border wealth centres” are key to serving and administering client wealth globally, FNZ says.
New Access provides a scalable and modular “core-to-digital” banking tech suite designed to meet the specific requirements of the private banking and wealth management industry.
FNZ says the acquisition will enable wealth managers to deliver personalised services and wealth products that private banks, with their legacy technology, can struggle to offer.
FNZ Group CEO Adrian Durham says the companies have “a shared vision to open-up wealth, empowering all people to create wealth through personal investment, aligned with things they care about the most, on their own terms”.
New Access CEO Vincent Jeunet adds the deal will enable the firm to “reduce operational complexity” for customers “while freeing them up to focus on their client experience”.
FNZ claims to administer more than $1.5 trillion in client assets on its platform for more than 20 million clients worldwide.
In February, the firm secured $1.4 billion in new funding from CPP Investments and Motive Partners to turbocharge its expansion plans.