FNZ, the provider of a global wealth management platform for institutional clients, has raised $1.4 billion of new equity funding.
The enormous fundraising values the wealthtech company at more than $20 billion.
CPP Investments is the source of $1.1 billion of the funding, with Motive Partners supplying the rest, in what FNZ is calling one of the largest ever primary equity raises in the wealth management sector.
FNZ will invest the new capital in research and development, as well as driving growth in new markets, including North America.
The wealthtech company, which launched in New Zealand in 2003 and now has offices in every major continent, works with more than 650 financial institutions and 8,000 wealth managements to serve some 20 million people and their wealth.
Its platform enables financial institutions such as banks to create hyper-personalised and innovative products and services for clients in the savings and retirement, affluent and high-net worth segments.
Commenting on the fundraise, Adrian Durham, founder and group chief executive officer of FNZ, says: “Today’s announcement represents a resounding endorsement of FNZ’s track record and future strategy. 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 $1billion 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.”