FNZ has secured $650m (£530m) in new equity funding from its existing institutional shareholders to support its long-term business plan and global expansion.
The wealth management platform said all its major institutional investors, including La Caisse, Generation Investment Management, Canada Pension Plan Investment Board and Motive Partners, had committed additional capital.
Several of FNZ’s major clients, including Abrdn, Aviva, FirstCape, Ninety One and Nucleus Financial Platforms, also took part in the capital raise.
FNZ said the investment reflects “continued confidence in the company’s strategy, leadership team and the significant role its technology plays in modernising the wealth management industry.”
The funding strengthens FNZ’s balance sheet and supports its strategy to invest in technology, people and products to drive sustainable growth.
The company currently administers $2.1trn of assets on platform, a five-fold increase since 2020.
Over the past year, FNZ has secured new mandates and renewed partnerships with major financial institutions across North America, Europe, Asia-Pacific and Africa.
It has also formed a strategic partnership with Microsoft and launched AI-based tools to improve adviser productivity.
Last month, FNZ confirmed the conclusion of the Section 166 review and associated Voluntary Requirement in the UK after strengthening its governance, delivery and risk frameworks.
Chief executive Blythe Masters said: “Over the past year we have created the conditions for FNZ’s long-term success, putting client delivery at the core of our plans, instilling operational discipline, and driving profitable growth. The opportunity ahead is huge and this capital allows us to grasp it with both hands.”
The company is also facing a class action lawsuit from employee shareholders, filed in July, alleging unfair dilution of their 23% equity stake through the issue of preference shares and warrants on non-commercial terms in 2024 and 2025.
