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February 11, 2022

FNZ raises $1.4bn to ramp up global presence

Wealth management platform FNZ has raised $1.4bn in new equity funding from Canada Pension Plan Investment Board (CPP Investments) and Motive Partners.

CPP Investments invested $1.1bn in the round, which values the firm at more than $20bn.

Founded in 2003 in New Zealand, FNZ offers technology, infrastructure, and investment operations via its platform to help financial advisory firms offer customised products and services to their customers.

The firm currently caters to over 650 financial institutions and over 8,000 wealth management firms in 21 countries.

Barclays, Aviva, Generali, Lloyds, Vanguard, Quilter, UOB, and Allianz are among the big names served by the firm.

FNZ’s assets under administration increased over seven-fold from $212bn to more than $1.5trn during the last five years.

The firm will use the new capital to scale up its growth through R&D and to boost its development in new markets, particularly in North America.

FNZ founder and group CEO Adrian Durham said: “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 $1bn per annum, whilst also growing profitably and sustainably.

“Our growth trajectory shows no signs of slowing down, and we are delighted to welcome CPP Investments and Motive Partners to FNZ and look forward to working with them as we further invest in and enhance our core platform, delivering substantial incremental benefits to our customers and their clients.”

CPP Investments Direct Private Equity Europe head Hafiz Lalani added: “FNZ has seen considerable success and we are excited to support FNZ and its leadership in continuing to deliver on their vision to expand FNZ’s global footprint, while at the same time delivering attractive risk-adjusted returns for CPP contributors and beneficiaries.”

In December 2021, FNZ offloaded Australian financial technology provider GBST to Anchorage Capital Partners, after its acquisition of the firm was blocked by UK’s Competition and Markets Authority (CMA).

After a reassessment of the deal in last April, the firm was directed by CMA to sell off GBST with a right to buy back GBST’s assets affiliated to its capital markets business.

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