Wealth management platform FNZ has raised £1 billion in new equity funding.

The FinTech, which has more than 20 million customers, is valued at more than $20bn by the fresh investment.

FNZ, founded in New Zealand in 2003 and now headquartered in London, works with more than 650 financial institutions and 8,000 wealth management firms in 21 countries including abrdn, Allianz, Aviva, Barclays, BNP Paribas Cardif, BNZ, Colonial First State, Generali, Jarden, Lloyds, Momentum, NAB, Quilter, Swedbank, UOB and Vanguard.

The firm has grown its assets under administration to more than $1.5 trillion.

FNZ aims to help people create wealth through long-term investment, aligned with things they care about the most. It combines technology, infrastructure and investment operations in a single platform.

The investment from Canada Pension Plan Investment Board and Motive Partners will bolster its geographical expansion, including recent entry into North America, and boost R&D.

In 2018, CDPQ and Generation Investment Management acquired a majority stake in the company. They were joined in 2021 by Temasek, enhancing FNZ’s reach into Asian markets. All investors remain as shareholders, alongside more than 800 employee-shareholders. 

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“Today’s announcement represents a resounding endorsement of FNZ’s track record and future strategy,” said founder and group CEO Adrian Durham.

“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 $1 bn 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.”