Wealth tech firm FNZ is set to acquire Zürich-headquartered Appway, which provides client onboarding and client servicing for financial institutions.

Financial terms of the deal have not been revealed.

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Appway helps financial institutions to automate and speed up their business-critical core processes and to comply with evolving regulatory requirements.

Its low-code no-code workflow automation solutions are claimed to provide clients with up to 90% faster client onboarding times and a 10% rise in margins on average per onboarded client.

With strategic purchase, FNZ expects to expand its capabilities in enterprise-grade low-code no-code workflow automation with deep domain expertise across the entire wealth management value chain.

FNZ Group CEO Adrian Durham said: “We are excited that FNZ and Appway are coming together to provide financial institutions with an unrivalled platform to accelerate their digital transformations, deliver significant operational efficiencies and improve the client experience.”

As part of the deal, Appway founder and CEO Hanspeter Wolf will assume the role of CTO at FNZ Group. Wolf will also join FNZ’s senior leadership team.

Wolf commented on the deal: “I could not be more excited about joining FNZ as the Chief Technology Officer and the value we will create together.

“Combining our solutions and the expertise of the Appway team with the strength, scale, and commitment of the FNZ Group will help extend our market-leading innovation.”

The latest deal follows FNZ’s purchase of direct-to-consumer digital investment platform Hatch from Kiwi Wealth in this October.

In April, the firm established wealth management business in the US in collaboration with State Street.

The development followed its acquisition of a majority stake in State Street’s Wealth Manager Services business in the US.