Wealth management is an essential aspect of the finance industry. FNZ, one of the up-and-coming management platforms, secured $1.4 billion in equity funding. As a result, the company is now valued at over $40 billion, which is rather steep.
FNZ Continues To Gain Momentum
One has to acknowledge FNZ has quickly become a powerhouse in the wealth management industry. With over 650 financial institutions and 8,000 wealth management firms among its clients, the company is a household name. Moreover, FNZ serves over 20 million customers – directly or indirectly – representing over $1.5 trillion in assets.
Interestingly, the company had a bit of a rough 2021. Although the platform grew and expanded, the company had to sell off rival investment platform GBST. That sale was forced by the UK’s Competition and Markets Authority, yet it has seemingly not negatively impacted the wealth management platform. More consumers and companies seek out ways to alleviate financial concerns and managing one’s wealth is a viable solution.
FNZ CEO Adrian Durham comments on the equity funding:
“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.”
The $1.4 billion equity round saw the involvement of Canada Pension Plan Investment Board and Motive Partners. It is one of the largest wealth management-related funding rounds to date.