Edinburgh-headquartered FNZ has become the first unicorn in Scotland.

FNZ is a global fintech firm that partners with organisations to revolutionise how they serve their wealth management customers.

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Partners include banks, insurers and asset managers to help consumers better achieve their financial goals. Through multiple channels, FNZ’ technology allows clients to provide wealth management solutions to financial advisers, end-investors and the workplace. Furthermore, these solutions will be secure, flexible and scalable.

The company started in New Zealand but very quickly expanded to Scotland in 2005. Today, in Edinburgh they employ 350 out of its 1,500 members of staff.  In addition, there are currently 500 members of staff working in Edinburgh.

CEO at FinTech Scotland, Stephen Ingledew, said: “FNZ is a global leader in blending new technologies with financial services to improve customer engagement with long term savings and investments. It is a shining example of how innovative enterprises can grow and expand on the international stage form Scotland.”

“I’ve known Adrian and FNZ team since their early formative days of arriving in Scotland. It has been inspiring to see first-hand their exponential growth with a focus on people skills development to support the delivery of world class customer outcomes through new technologies. The impact of FNZ on the UK and global savings and investment market has been seismic for both the financial services industry and many consumers and we are delighted FNZ are part of the Scottish ecosystem which is having such a significant international impact.”

FNZ Unicorn status

FNZ now has £330bn in assets under administration from around five million customers globally. It provides its services to Standard Life Aberdeen, Santander, Lloyds Bank, Vanguard and more.

It was a deal last year that set the company’s valuation at £1.65bn. Al Gore’s Generation Investment Management LLP and Caisse de Depot et Placement du Quebec acquired stakes. Those stakes were previously owned by General Atlantic and H.I.G. Capital.

CEO and founder of FNZ, Adrian Durham, said: “The question we asked when launching FNZ was how can technology solve the problems faced by consumers of long-term savings products?”

Continuing he noted: “Technology is the key to unlocking many of the solutions to the problems typically faced by customers. It was important therefore for us to expand our business into a destination that was technologically advanced and would support our ambitions. We certainly found that in Scotland.

“FNZ is a growth business. I’m pleased to say that we have continued to grow apace, benefiting from the investment being made in our own technology and processes, our increasing scale, and the effort and dedication of our highly-skilled people.”