The first Scottish fintech to achieve ‘unicorn’ status – reaching a value of more than £1 billion – is planning to expand its presence in Dundee with up to 120 new jobs.
Financial platform firm FNZ, which serves many of the world’s largest financial services companies, opened an operations centre in the former Alliance Trust building on West Marketgait earlier this year.
The firm, which employs 500 people in its headquarters in Edinburgh, 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.
It plans to recruit for 50 investment operation positions in Dundee immediately and around 120 new roles over the next two years.
FNZ, which was established in New Zealand in 2004, also announced plans to add a further 80 people to its Edinburgh team yesterday.
Adrian Durham, founder and chief executive of FNZ Group, 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 company became the first Scottish-based fintech firm to achieve “unicorn” status in October 2018 when investment funding valued the firm at £1.7bn, less than 15 years after it was founded.
Mr Durham added: “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.”