Scotland-based financial technology company FNZ Group has secured an undisclosed investment from Singaporean investment firm Temasek.
Temasek joins existing investors Caisse de dépôt et placement du Québec (CDPQ) and Generation Investment Management, who acquired a majority stake in FNZ in October 2018 in a transaction that valued the fintech firm at £1.65bn.
FNZ said that it will benefit from the significant footprint and experience of Temasek in Asia where it has plans to expand its business in the region in the coming years.
FNZ founder and chief executive Adrian Durham 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.”
As a platform-as-a-service provider, FNZ helps financial institutions in enabling them to offer multi-channel wealth management services to their customers. The Scottish fintech company partners with banks, asset managers, and insurers to help their consumers in reaching their financial targets.
FNZ has partnerships with various financial organisations across the world
Currently, the fintech company handles more than £400bn in assets under administration (AuA) held by nearly eight million customers belonging to Lloyds Banking Group, Barclays, Aviva, Findex, HSBC, Generali, Zurich, and other financial institutions.
Overall, the company is said to partner with more than 60 financial organisations across the world.
The company claims that its open, fully API-enabled platform offers real-time integration with the services, portals and applications of its partners, thereby enabling them to keep full control and ownership of the client proposition.
FNZ has more than 2,500 employees in the UK, the Nordics, Germany, Australia, Czech Republic, China, New Zealand, and Singapore.
In November 2019, FNZ completed acquisition of GBST, an Australian-listed fintech company that serves the capital market and wealth management sectors with its specialist financial services technology.
