Fintech's Dundee boost
FNZ unveils plans for 200 jobs across Scotland
Adrian Durham: ‘Our commitment to Scotland is unwavering’
FNZ, the Scottish fintech unicorn, is adding 200 jobs in Edinburgh and at a recently-opened operations centre in Dundee over the next two years.
The fast-growing firm, which serves many of the world’s largest financial services companies, initially create 50 investment jobs in Dundee.
It was founded in New Zealand in 2004 by chief executive Adrian Durham, but quickly expanded to Scotland in 2005, establishing a headquarters in Edinburgh’s Tanfield, the former home of Standard Life, a longstanding FNZ client.
The company now employs about 500 in Edinburgh and the company counts more than 60 of the world’s foremost financial institutions among its clients, with responsibility for £400 billion in assets under administration for around eight million customers.
Mr Durham said: “Our commitment to Scotland is unwavering. The business has thrived here over the last decade-and-a-half, thanks to the combination of talent, customers and infrastructure we have been able to access, and Scotland will be central to the next phase of our global growth over the next 15 years and beyond.
“Our expansion into Dundee, which has undergone significant redevelopment and offers a strong talent pool, is testament to this commitment. We look forward to Scotland continuing to provide the platform for our ambitious growth strategy and enabling FNZ to help more people achieve their financial goals.”
The firm’s enhanced global graduate programme, unveiled in March 2019, aims to attract and nurture the best young talent. Many of those graduates will be based in Scotland, where they will be given the opportunity to evolve their knowledge and skills whilst working with some of the largest financial institutions.
The company became the first Scotland-based fintech firm to achieve “unicorn” status – companies valued at $1bn – in October 2018. This was achieved when the sustainable equity partnership of Generation Investment Management and Canadian pension fund Caisse de Depot et Placement du Quebec combined to acquire the stakes previously owned by General Atlantic and H.I.G. Capital.
That deal valued the company at £1.7 billion, less than 15 years after it was founded.
Mr Durham said: “The question we asked when launching FNZ was how can technology solve the problems faced by consumers of long-term savings products? We knew then, and it’s still true today, that technology is the key to unlocking many of the solutions to the problems typically faced by customers.
“Our people in Scotland are at the forefront of developing and improving that technology in line with the needs of savers and investors around the world.”