New investment for £1.7bn FinTech FNZ
Unicorn FNZ has secured new funding.
The Edinburgh-headquartered FinTech has attracted a new investor in Temasek, a global investment company headquartered in Singapore, to enhance its reach into key Asian markets.
FNZ, which was originally founded in New Zealand, serves many of the world’s largest financial services companies.
Adrian Durham, Founder and Chief Executive of FNZ Group, said: “Temasek’s investment in FNZ adds a further high profile investor and will enhance our reach into Asian markets.
“We look forward to exploring opportunities to work together to broaden our customer base in Asia and beyond.”
Temasek joins existing investors Caisse de dépôt et placement du Québec (CDPQ) and Generation Investment Management LLP (Generation), who acquired a majority stake in FNZ in October 2018, in a deal that valued the company at nearly £1.7 billion.
This was the first investment from the CDPQ-Generation partnership, who came together to make large-scale, long-term sustainable investments.
FNZ partners with banks, insurers and asset managers to help consumers achieve their financial goals.
It is responsible for over £400 billion in assets under administration held by around eight million customers of some of the world’s largest financial institutions, including Aviva, Barclays, BNZ, Findex, Generali, Lloyds Banking Group, National Australia Bank, Quilter, Santander, Standard Life Aberdeen, Swedbank, UBS, UOB, Vanguard and Zurich.
In total, FNZ partners with over 60 financial institutions globally and employs over 2,500 in Australia, China, Czech Republic, Germany, New Zealand, Singapore, the Nordics and the United Kingdom.