By Riley Kaminer
Miami-based fintech YieldX announced today that it will be acquired by global wealth management platform FNZ. YieldX made a name for itself by developing a platform that aimed to democratize access to the market for fixed income investing.
The fixed income market – which includes securities such as municipal, treasury, and corporate bonds – is worth $200 trillion. Yet investing in fixed income assets has traditionally been more difficult for everyday consumers than trading equities like stocks. YieldX’s B2B2C platform enables large institutions to provide fixed income investing opportunities to their customers.
As part of this acquisition, YieldX co-founders Adam Green and Steve Gross [pictured above] will join FNZ as CEO of Asset Management for North America and Head of Asset Management Strategy for North America, respectively. The exact financial terms of the transaction were not disclosed.
“The demand for digital, personalized fixed income solutions has skyrocketed over the last year as yields have risen,” CEO Green said in a statement. “Pairing our capabilities with the world-class platform and team at FNZ will allow us to accelerate and scale the delivery of our solutions.”
“I am very excited about the opportunity to join FNZ and work with such a dedicated team,” Green continued. “The opportunity to leverage YieldX to support FNZ’s expansion is a perfect fit.”
FNZ plans to integrate YieldX’s digital infrastructure into its wealth management platform. The companies assert that combining YieldX’s solution with FNZ’s full-service offering will ultimately benefit financial institutions, advisors, and their clients.
“We have a joint vision of opening up wealth by transforming the wealth management industry through more transparent, accessible, and personalized technology solutions,” commented Tom Chard, CEO North America for FNZ.
“YieldX’s solutions perfectly complement our existing strengths and will further differentiate our offering for the benefit of all clients.” Chard added that the acquisition will enable FNZ, which was originally founded in New Zealand, to expand its footprint in the U.S. FNZ administers more than $1.5 trillion in client assets representing over 20 million investors worldwide, and has partnerships with over 650 large financial institutions and 8,000 wealth management firms across 21 countries.
Since it was founded in 2019, YieldX had raised $36 million in venture capital funding, including an $18 million Series A in October 2021.
Green moved to South Florida in 2017, initially attracted by the work-life balance. But what made him stay was our “really quickly evolving tech scene,” particularly in the financial services space, which he described to Refresh Miami as “a hidden gem.”
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