Edinburgh fintech reaches unicorn status

Published: 27 March 2019

Edinburgh-based fintech business FNZ has reached unicorn status, in an important step on the way to Scotland's ambition to become a globally recognised top five fintech hub.

The company has been valued as being worth £1.65 billion, a mere 15 years after it was founded.

The business, which was founded by chief executive Adrian Durham in New Zealand, has grown since it expanded into Scotland in 2005 and now has £330 billion in assets under administration from around five million customers globally.

It was important for us to expand our business into a destination that was technologically advanced...We certainly found that in Scotland...

Adrian Durham, CEO and Founder, FNZ

 

Many of the original FNZ team were from Scotland and importantly remain working for the company today, from its Tanfield base in Edinburgh, where it employs more than 350 of its 1,500 staff.

FNZ’s business is built on the desire to help people achieve their financial goals by developing technology solutions that simplify the end-user experience and ultimately direct more of their money into assets by bringing down the cost of managing those assets.

FNZ employs nearly 500 people in the UK, the majority of them in Edinburgh. The company’s dedicated research and development division invests heavily in its core technology platform and processes.

Stephen Ingledew, CEO at FinTech Scotland said: “FNZ is a global leader, and it is a shining example of how innovative enterprises can grow and expand on the international stage form Scotland.”

Graeme Jones CEO of Scottish Financial Enterprise said: “FNZ is a fabulous success story for Scotland. Reaching Unicorn status is a remarkable achievement...”

Full story via Insider News

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