Fintech unicorn buys software firm

Published: 23 July 2019

Edinburgh-based fintech FNZ has acquired a London provider of broking software to the wealth management industry.

JHC provides its technology platform to top UK and Irish wealth managers and platforms. According to its last Companies House figures, the firm had a turnover of £22.75 million in 2017.

We look forward to working with their team to maximise the potential of JHC’s business over the coming years...

Adrian Durham, Founder and Chief Executive, FNZ

 

Its software facilitates portfolio management, account administration, regulatory compliance and risk analysis for clients and financial advisers.

The independent firm, which was founded in 1988 and is owned by its founders and employees, has more than half a million end users and £160 billion in assets under management on platforms powered by JHC software. They employ around 240 people at its offices in London, Birmingham, Newcastle and Dubai.

FNZ, based at Tanfield in Edinburgh and employing 1,600 around the world, partners with banks, insurers and asset managers to help consumers achieve their financial goals and is responsible for more than £380 billion in assets under administration, held by around seven million customers.

It was founded in New Zealand but achieved significant growth after setting up it headquarters in Scotland. Last year, it reached so-called unicorn status with an equivalent valuation of more than $1 billion.

John Blackman, chief executive at JHC, said: “Joining forces with FNZ is the perfect way for us to grow our business. It is great news for our clients as FNZ is committed to investing in Figaro, Neon and Xenon and supporting our plans for the future..."

Full story via Insider News

 

 

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