FNZ to Acquire Appway to Accelerate Financial Institutions' Digital Transformation and Open-Up Wealth Together
Zurich (ots/PRNewswire)
- The acquisition will accelerate the deployment of personalised propositions at scale across the financial services industry, enabling up to 90% faster client onboarding.
- Appway's award-winning low-code no-code workflow automation solution will extend FNZ's position as the industry's leading global wealth management platform and continues their investment in next-generation technology.
- FNZ is revolutionising the industry by giving financial institutions a single platform that integrates seamlessly with their business, empowers the entire wealth continuum and is consumable as a service.
- Combination to strengthen FNZ's position in the $239 trillion global wealth market.
- FNZ strengthens its Senior Leadership Team with the appointment of Hanspeter Wolf, CEO and Founder of Appway, as Chief Technology Officer of the FNZ Group.
FNZ, the leading global wealth management platform, today announced that it has agreed to acquire Appway, the leader in client onboarding and client servicing for financial institutions. This strategic acquisition gives FNZ 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.
FNZ's success has always been based on understanding the needs of our customers and providing them the solutions they need to grow their business. With this acquisition FNZ continues to add significant next-generation technology to its leading global wealth management platform helping financial institutions around the world to accelerate innovation and rapidly deploy personalised customer propositions across the wealth continuum that are differentiated, scalable and that meet regulatory requirements.
"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."
Appway is a multinational company, headquartered in Zurich. The company'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.
Hanspeter Wolf, CEO and Founder, Appway, said: "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."
Dr. Matthias Allgaier, Managing Director at Summit Partners and Appway Board Director, added: "Both Appway and FNZ are leaders in their respective fields. I have been proud to work alongside Hanspeter and the Appway team since partnering with the company in early 2020. Over the course of the last two years, Appway has continued to deliver innovative solutions designed to revolutionise the customer experience for financial institutions. I'm looking forward to once again working with FNZ, where I previously served on the board. I believe this combined team and solution set will help their customers deliver revenue growth and improved operating margins through digital transformation."
FNZ provides a complete integrated technology, transaction and custody platform to wealth managers, banks, insurers and asset managers in 18 countries across North America, Europe and Asia-Pacific. Trusted by more than 150 major financial institutions, FNZ has over $1.5 trillion in assets under administration, which represents the combined savings and investments of over 20 million customers.
The transaction is due to be completed by early Q1 2022. Terms of the agreement are not being disclosed.
About FNZ
FNZ is a global wealth management platform that partners with the world's leading financial institutions to transform the way the industry serves its clients.
FNZ provides an integrated technology, transaction and custody platform to wealth managers, banks, insurers and asset managers in 18 countries across North America, Europe, Africa and Asia-Pacific.
Trusted by more than 150 major financial institutions, FNZ has over $1.5 trillion in assets under administration, which represents the combined savings and investments of over 20 million customers.
About Appway
Appway is the leader in onboarding for financial services businesses. Every 30 seconds a new client relationship is created with Appway. Appway offers certified, secure, Cloud-based software for client onboarding, servicing, and reviewing to firms from bespoke wealth managers to the largest global financial institutions.
Appway software is proven to rapidly deliver unparalleled client experiences, a 90% reduction in onboarding time, a 10% increase in margin per client, and a 225% ROI.
Appway's built-for-purpose business solutions are based on the expertise gathered over hundreds of deployments worldwide – from opening an individual investor account to onboarding a billion-dollar multi-jurisdictional entity. With an extensive ecosystem of partners, Appway allows customers to intelligently orchestrate the full range of client interactions of any complexity.
About Summit Partners
Founded in 1984, Summit Partners is a global alternative investment firm that is currently managing more than $42 billion in capital dedicated to growth equity, fixed income and public equity opportunities. Summit invests across growth sectors of the economy and has invested in more than 550 companies in technology, healthcare and other growth industries. These companies have completed more than 175 public equity offerings, and more than 200 have been acquired through strategic mergers and sales. Summit maintains offices in North America and Europe and invests in companies around the world.
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Contact:
Alasdair Munro / alasdair.munro@fnz.com / +44 784 1456 347; Ieva Simmen / Ieva.Simmen@appway.com / +41 76 209 98 01; Susan Barr / sbarr@summitpartners.com / +1 617-824-1026