UK-headquartered FNZ, a leading global wealth management platform, is set to acquire Zurich-based Appway, which provides software designed to support the digital transformation of customer-focused organizations across the financial services.
Appway's award-winning solutions are trusted by leading financial institutions, including 10 out of 25 of the world's largest wealth managers, to automate and accelerate their business-critical core processes and adapt to new regulatory requirements.
According to FNZ this acquisition gives to the company significant technology expertise in enterprise-grade low-code no-code workflow automation with deep domain expertise across the entire wealth management value chain.
Hanspeter Wolf, CEO and Founder of Appway, will become Chief Technology Officer of the FNZ Group and join the Senior Leadership Team, effective on the acquisition closing date.
"We are excited that FNZ and Appway are coming together to provide financial institutions with an unrivalled platform to accelerate their digital transformations, deliver significant operational efficiencies and improve the client experience," said Adrian Durham, CEO, FNZ Group.
"Both our companies have a shared vision, relentless focus on customer success and a track record of innovation and Hanspeter is an inspirational and seasoned leader with rich experience in the technology sector. We are delighted to welcome him and the talented Appway team into FNZ."
For his part, Hanspeter Wolf, CEO and Founder, Appway, stated: "I could not be more excited about joining FNZ as the Chief Technology Officer and the value we will create together. The Appway low-code no-code workflow automation solutions are based on the deep expertise across the full wealth continuum and allow our customers to achieve up to 90% faster client onboarding times and a 10% increase in margins on average per onboarded client. Combining our solutions and the expertise of the Appway team with the strength, scale, and commitment of the FNZ Group will help extend our market-leading innovation."
The transaction is due to be completed by early Q1 2022. Financial terms of the deal have not been revealed.
FNZ, founded in Wellington, NZ and now based in London, is one of the more acquisitive wealth management vendors in the market. Last month, FNZ announced its acquisition of German lender Fondsdepot Bank, with the deal expected to close in mid-2022.
The deal also follows FNZ’s acquisition of Hatch from Kiwi Wealth in October. Hatch, a direct-to-consumer digital investment platform, was founded in 2018 to give consumers direct access to investing in US sharemarkets and has grown quickly since then.
Earlier in the year, FNZ launched a new wealth management business in the US in collaboration with State Street. The development followed FNZ’s purchase of a majority stake in State Street’s Wealth Manager Services (WMS) business in the US.
FNZ has over $1.5 trillion in assets under administration, which represents the combined savings and investments of over 20 million customers. It partners with banks, insurers and asset managers
in 18 countries across North America, Europe, Africa and Asia-Pacific to jointly develop multi-channel wealth management solutions.