Abrdn has agreed to make an undisclosed investment in fintech Nucoro, after scrapping a deal to purchase its subsidiary company, Exo Investing.
The British asset manager agreed to acquire Exo Investing in August last year to bolster its existing personal vector capabilities.
abrdn pulled out of the deal after the companies concluded that a strategic partnership and investment into Exo’s parent company, Nucoro, was of more strategic value.
The investment, which will be part of Nucoro’s upcoming funding round, will support the roll out of its cloud-native investment technology.
The partnership is expected to provide abrdn access to a wider range of technology knowledge.
Additionally, Nucoro’s technology is claimed to align closely with abrdn’s personal vector client-led growth strategy.
abrdn chief strategy and business development officer David Mouille said: “abrdn is at the forefront of the next era of the investment landscape, helping our clients plan, save and invest for their future. Nucoro’s technology showcases best in class investment infrastructure that will power this future and we are excited to invest in the company behind it.”
Nucoro CEO Lennart Asshoff said: “We are delighted that abrdn has chosen to invest in our technology. Nucoro offers the world’s most flexible investment platform, enabling financial institutions to build digital savings, investment and wealth management propositions at speed and scale.
“The investment of abrdn is a strong endorsement for our technology and our approach, and we look forward to working closely in partnership with abrdn in the future.”
Recently, abrdn concluded its previously announced acquisition of subscription-based investment platform interactive investor.