Edinburgh-based fintech FNZ Group has acquired German investment platform company ebase (European Bank for Financial Services) from Comdirect Bank in a transaction worth €154 million (£138 million)

The purchase, which was originally agreed in July 2018, and has since been rubber stamped by the relevant regulatory authorities, will see the global fintech company acquire 100% of eurobase.

Under FNZ Group’s ownership, ebase will continue with its strategy to become the leading digital financial services partner in Germany, through sustained investment in technology and customer service.

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Adrian Durham, CEO of FNZ Group, said: “This is an important milestone for FNZ Group and reaffirms our commitment to becoming a leader in the provision of B2B digital wealth management technology for financial institutions and their customers globally.

“ebase is a well-established investment platform and leader in the digitisation of wealth management solutions, known for its performance in the German financial services market.

“We look forward to partnering with the highly-capable ebase team to grow their business in Germany and together expand the range of state-of-the-art technology platforms available to support wealth management.”

Founded in 2002 as part of ADIG Investment GmbH, ebase has been an independent and fully licensed bank and a subsidiary of Comdirect bank AG since its purchase in 2009.

The company has about 260 employees, 1.1 million customers and more than 280 co-operation partners – including banks, insurance companies, asset managers and independent financial intermediaries.

Current managing directors, Rudolf Geyer and Lars Müller-Lambrecht, will continue to lead the company from its headquarters in Aschheim, near Munich.