Global wealth management platform FNZ has entered a deal to acquire client onboarding and client servicing platform Appway for an undisclosed fee.
FNZ partners with global financial institutions to help them transform the way the industry serves its clients but providing a digital platform that enables its customers to develop personalised solutions.
Appway helps the financial services industry improve its digitalisation and build customer-focused solutions. Its software improves digitalisation, automation and acceleration of onboarding of new clients, managing changing client circumstances and regulatory reviews.
According to FNZ, this strategic acquisition will give it significant technology expertise in enterprise-grade low-code no-code workflow automation with deep domain expertise across the entire wealth management value chain.
Appway CEO and founder Hanspeter Wolf 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.”
Summit Partners managing director and Appway board director Matthias Allagier 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.”
The acquisition is expected to be completed by the first quarter of 2022.
Copyright © 2021 FinTech Global
