Zurich – FNZ, a global wealth management platform, today announced that it has agreed to acquire Appway, a specialist 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. (FNZ/mc/ps)