FNZ Group has initiated a sweeping operational overhaul involving price increases, office closures across Europe and Asia, and reductions to its global headcount.
The London-headquartered fintech is preparing for upcoming maturity dates on billions of dollars in debt, Bloomberg noted.
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The group said it is altering the framework through which “client work is scoped and priced”.
According to sources who spoke to Bloomberg, these adjustments will translate into higher fees for certain customers.
Alongside pricing changes, FNZ is shifting its core operating model.
The digital wealth management platform is moving away from building technology setups for individual institutions, adopting instead a standardised, repeatable delivery method.
Internal communications show the company also intends to scale back its global workforce of approximately 7,000 personnel.
An internal memo viewed by Bloomberg News outlined plans to shut premises across Europe and close its Singapore branch, where around 50 staff are based.
The memo did not state the total number of redundancies planned under the programme.
According to the memo, the restructuring aims to establish a “leaner organisation” with market expansion concentrated on four core territories: the UK, North America, Australia, and New Zealand.
The company stated that the “measures will reduce complexity and increase cash generation, in turn improving financial performance,”.
Operating from London, FNZ provides transaction and automation services to financial institutions, with client assets on its platform exceeding $2.5tn.
Its institutional roster features major banking and investment firms, including Barclays and Vanguard Group.
The restructuring follows a turbulent period for the business, which attained a $20bn valuation in 2022 and has raised approximately $2.6bn in aggregate investor funding.
In September, chief executive Blythe Masters departed after two years leading the business, having previously taken over the post from founder Adrian Durham.
Valuation pressures have also emerged from external factors.
In August, the group’s principal shareholder, Caisse de Depot et Placement du Quebec, disclosed that FNZ was among the private equity holdings experiencing valuation headwinds generated by concerns over artificial intelligence disruption.
FNZ executive chair and interim CEO Stephen Welch said: “FNZ’s fundamentals are strong and the changes we are making will ensure the group is a sustainable business for the benefit of all stakeholders.”
