FNZ buys private banking fintech
FNZ, the global wealth management platform, has acquired New Access, a specialist private banking technology firm primarily active in the markets of Switzerland, Liechtenstein and Luxembourg.
These markets are key to serving and managing client wealth globally and will support FNZ in delivering on its promise to unlock wealth and serve the US$240 trillion global wealth market.
The strategic acquisition of New Access represents a further investment by FNZ in the growing cross-border private banking and wealth sector following a number of client successes and the acquisition of Swiss technology innovator Appway in February 2022.
Private banks are under significant pressure to adapt and scale offerings to their existing and new customers, but are often constrained by legacy technology, complex delivery models and new regulatory requirements. FNZ is transforming the industry landscape with its full-service, end-to-end wealth platform. By combining cutting-edge technology, infrastructure and investment operations into a single state-of-the-art platform, FNZ enables wealth managers to rapidly deliver personalized services and innovative wealth products.
Today, FNZ manages more than US$1.5 trillion in client assets on its platform for over 20 million clients worldwide and has created significant efficiencies of scale that are passed on directly to clients.
“FNZ’s success has always been based on understanding the needs of our clients and providing them with the solutions they need to grow their business. We are delighted that FNZ and New Access are joining forces to provide private banks and wealth managers with an unrivaled full service, end -end-to-end wealth management platform that will help them deliver significant operational efficiencies and improve the customer experience.” said Adrian Durham, CEO, FNZ Group.
“Both of our companies share a vision of unlocking wealth, empowering all people to create wealth through personal investments, aligned with the things they care most about, on their own terms. We are excited to welcome the talented Welcome the New Access team to FNZ.”
With its 20-year track record and more than 200 engineers and product experts, New Access has developed innovative and award-winning solutions for more than 60 private banks and wealth management firms.
Vincent Jeunet, CEO of New Access, said: “We are delighted to join FNZ as we transform the industry and unlock wealth together. By combining our solutions and expertise with the global strength, scale and commitment of FNZ to the The global private banking market is a great opportunity for New Access and our clients.”
“New Access customers will benefit from FNZ’s significant investment and track record in the private banking sector which will help them reduce operational complexity, generate significant efficiencies while freeing them to focus on the customer experience.”
With now more than 200 local FNZ employees, Switzerland will become a central competence center for private banking services driving the further expansion within this vertical.
Eric May, founder of BlackFin Capital Partners, added: “Both New Access and FNZ are leaders in their fields and this is an exciting partnership. BlackFin has been proud to work with Vincent and the New Access team. Together we have grew New access offer into a complete core-to-digital banking package and positioned the company as an alternative of choice to large established players in the private banking and wealth management sectors in Switzerland and abroad.We believe this combined team and unmatched solution set will help their customers accelerate their digital transformation . We wish them the best for their next step.”
Today, FNZ operates in 21 countries and works with over 650 financial institutions and over 8,000 wealth management firms to empower over 20 million people from all wealth segments, including savings and retirement, affluent and ultra/high net worth, to create wealth through long-term investments, customized things they care about most, and on their own terms.
The terms of the agreement will not be made public. Deloitte, FIG Corporate Finance Advisory acted as exclusive financial advisor to FNZ, while CMS acted as legal advisor, in support of the transaction.
