FNZ, the global wealth management platform, has secured $500 million (£391.1m) in new equity funding from existing shareholders to support long-term sustainable growth.

The fintech, which has offices in Edinburgh and counts financial giants like Barclays, Axa, and Aviva among its client base, said that the new capital will provide financial strength to support its long-term business plan, driving efficiencies and sharpening the company’s strategic focus. 

FNZ said that the funding will allow the firm to accelerate its mission of transforming, simplifying, and improving wealth management through technology with a renewed focus on customer delivery through innovation and investment in both people and operations. 

“This new capital will provide the financial strength to support FNZ’s long-term business plan and enduring success with customers,” said Blythe Masters, group CEO of FNZ.

“The transformation of global wealth management is only just beginning and I’m passionate about FNZ’s role in empowering people to save and invest for the future.

“FNZ already offers market-leading technology, and I am excited to continue innovating and transforming wealth management in partnership with our valued customers globally.”

With a reported $1.7 trillion (£1.3tn) in assets under administration, FNZ now partners with over 650 financial institutions and 12,000 wealth managers, on behalf of more than 24 million end investors.

The firm said that this investment reflects shareholders’ confidence in the company’s future growth opportunities and execution strategy, and will play a key role in helping FNZ to modernise the wealth management industry.

Recommended

• UK Gov Group Shares “Blueprint” for AI in Asset Management
• J.P. Morgan Private Bank Expands Scotland Team
• Strata Opens New Office in Edinburgh

The latest funding also comes just months after FNZ’s existing shareholders committed $1 billion of capital to support the success of the business in August.

Speaking on today’s funding news, Gregor Stewart, group chair of FNZ, said: “Today’s announcement is another endorsement of FNZ, its strategy and the scale of the opportunity ahead, as we continue to partner with leading wealth and asset managers globally to help savers invest for their future.”

The company has added significantly to its leadership team since the start of the year, with Anthony Habis joining as group head of Asia Pacific, responsible for leading the company’s strategic direction in the region, while Aashish Kamat took on the role of group CFO back in February.