Singapore state investor Temasek has invested an undisclosed amount in FNZ, the first fintech company in Scotland to achieve a unicorn status, according to an announcement.
FNZ, a global platform-as-a-service provider, said Temasek’s investment will enhance its reach into the Asian markets, where fintech funding reached $1.8 billion in Q3, nearly surpassing the 156 deal in the US.
Temasek joins existing investors Caisse de depot et placement du Quebec (CDPQ) and Generation Investment Management. The two acquired majority stake in FNZ in October 2018, in a deal that valued the company at nearly 1.7 billion pounds ($2.2 billion).
FNZ partners with over 60 financial firms globally, including banks, insurers, and asset managers, to help consumers in their financial goals. It employs over 2,500 in Australia, China, Czech Republic, Germany, New Zealand, Singapore, the Nordics, and the United Kingdom.
The firm said its technology, transaction, and custody services enable clients to provide wealth management solutions to financial advisers and end-investors.
Additionally, FNZ said it is responsible for over 400 billion euros in assets under administration held by around 8 million customers of some of the world’s largest financial institutions.
“We look forward to exploring opportunities to work together to broaden our customer base in Asia and beyond,” Adrian Durham, Founder and Chief Executive of FNZ Group, said.
Temasek’s investment comes as fintech funding in Q3 2019 hit a quarterly record of $8.9 billion globally, but funding in Asia is likely to fall to a four-year low, according to a report released by CB Insights. The July-September quarter saw 19 fintech funding rounds worth more than $100 million, raising a combined $4 billion, the report showed.
