Wealth management platform FNZ has led Bondsmith’s Series A financing round as part of a broader partnership with the UK-based fintech startup.
Bondsmith, which operates as an FCA-authorised Electronic Money Institution, provides cash management and savings solutions for the wealth industry.
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Its savings solutions are designed to connect savers, banks and financial companies with the aim of expanding opportunities for competitive returns and making cash a more viable option within the wealth management spectrum.
The firm also provides treasury advisory services and a treasury platform that helps corporate and institutional clients manage liquidity, diversify counterparty risk, and increase interest income.
As part of the partnership, Bondsmith’s solution will be integrated into FNZ’s global wealth management platform.
The integration will enhance FNZ’s technology that supports more than 650 financial institutions and 8,000 wealth management firms across 21 countries.
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By GlobalDataBondsmith CEO and founder Michael Doyle said: “This investment is a brilliant growth opportunity for Bondsmith. Our team is expanding, and we are now looking internationally towards Asia-Pacific and beyond.
“We are looking forward to working even more closely with FNZ, with the great solutions we have developed now integrated into their global platform. This will enable us to help millions of people worldwide to achieve their savings goals.”
The fundraising comes as Bondsmith seeks to expand into new global markets and plans to drive its international expansion by setting up operations in Asia-Pacific by the end of this year.
The proceeds from the round will be used by the firm to support its expansion plans and accelerate its product roadmap and initiate further job creation.
It will also be used to fund its recently announced acquisition of UK institutional cash deposit broker, Wells Money Brokers.
FNZ Group chief strategy officer Din Mustaffa said: “The partnership with Bondsmith will allow FNZ’s customers to offer their clients a new asset class, make active cash management more accessible, provide greater opportunity for competitive returns and allow for more holistic financial planning.”
Last month, FNZ made a strategic investment in impact data and analytics firm GIST.
