The capital infusion is expected to support FNZ’s future acquisitions and the development of its business. Credit: Yibei Geng on Unsplash.

Wealth tech company FNZ is reportedly looking to raise $1bn of investment to support its global expansion plans globally.

The firm is in discussions to secure the fresh capital and has hired Bermuda-based Lazard to get potential investors on board, Bloomberg reported citing people familiar with the matter.

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According to sources, FNZ plans to leverage the fund to support its future acquisitions and the development of its business.

Representatives for FNZ and Lazard did not comment on the development while the sources said that the discussions are still underway, and details of the fundraising may change.

FNZ platform-as-a-service brings together technology, IT infrastructure and investment operations to help financial institutions to help serve its clients.

More than 150 banks, asset managers and life insurers including Abrdn, Vanguard, Aviva, Barclays, and Banco Santander, uses its service and technology to manage their assets.

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led by founder Adrian Durham, FNZ has been accelerating its consolidation efforts recently.

Last week, the firm agreed to buy Zürich-headquartered Appway in a bid to expand its capabilities in enterprise-grade low-code no-code workflow automation with deep domain expertise across the entire wealth management value chain.

Last month, it signed a deal to acquire Fondsdepot Bank, a Germany-based trading and custody platform, following its takeover of direct-to-consumer digital investment platform Hatch.

The firm also bought State Street’s US wealth manager services business this April, after acquiring a majority stake in the business in July last year.

In 2018, FNZ was scooped up by Generation Investment Management and Canadian pension fund Caisse de Depot et Placement du Quebec in deal that valued the firm at $2.2bn.

Singaporean investment firm Temasek acquired a stake in the firm last year.