Global wealth platform FNZ has acquired private banking tech company New Access for an undisclosed sum.
New Access in active in Switzerland, Liechtenstein and Luxembourg and provides digital solutions to private banks and wealth managers including a core banking system, portfolio management system and a workflow engine.
FNZ said the deal represents a further investment into the private banking and cross-border wealth space, following the acquisition of Swiss tech firm Appway in December 2021.
The global platform added that private banks are currently “under pressure” to adapt and scale their offering but are too often tied to legacy technology, complex models and regulatory requirements. As a result, it wants to streamline their digital transformation.
“Both our companies have a shared vision to open-up wealth, empowering all people to create wealth through personal investment, aligned with things they care about the most, on their own terms,” said Adrian Durham, chief executive of FNZ Group.
Vincent Jeunet, chief executive of New Access, added: “We are excited to be joining FNZ as we transform the industry and open up wealth together. Combining our solutions and expertise with the global strength, scale and commitment of FNZ to the global private banking market is a great opportunity for New Access and our clients.
“New Access customers will benefit from FNZ’s significant investment and track record in the private banking sector that will help them to reduce operational complexity, generate significant efficiencies while freeing them up to focus on their client experience.”
