FNZ 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.
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.
Terms of the agreement are not being disclosed. However in June 2020 Appway announced a minority investment by Summit Partners of $37 million. This indicates that the transaction value is in the lower triple-digit million range.
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.
(Press release / SK)