Wealth management technology provider FNZ has agreed to sell its German banking business, FNZ Bank, to private equity firm Advent International and a consortium of investors, including HarbourVest Partners. The transaction, for an undisclosed sum, is anticipated to conclude in the second half of 2027, pending regulatory approvals.
FNZ Bank, previously known as ebase, offers custody, brokerage, and deposit services to financial institutions within Germany, managing assets exceeding €155 billion. FNZ, headquartered in London, has historically supported FNZ Bank with Platform-as-a-Service and Banking-as-a-Service solutions, a partnership expected to continue post-sale.
This divestment aligns with FNZ’s strategic objective to concentrate on its core platform offerings, according to Blythe Masters, who assumed the role of FNZ group CEO in 2024, succeeding founder Adrian Durham. FNZ originally acquired ebase from German bank Commerzbank in 2019 for €154 million.
Under Masters’ leadership, FNZ has secured $2.15 billion in capital. Her appointment in August 2024 was accompanied by a $1 billion capital injection from existing institutional investors, including CPP Investments, Summit Partners, La Caisse de dépôt et placement du Québec (CDPQ), Generation Investment Management, Temasek, and Motive Partners, where Masters is a founding partner. Subsequent funding rounds included $500 million in April 2025 and a client-backed round of $650 million in November 2025.
