Spanish mutual fund platform Allfunds Bank has acquired fintech firm Finametrix to give its network of institutional clients tools to face the ‘technological revolution’ gripping the industry.
Finametrix provides bankers, advisors and final customers with technology that makes processes such as customer onboarding, reporting, advisory or portfolio management more transparent and efficient. It was launched in 2014 and is used by over 40 wealth and asset management companies, according to the firm.
Both groups will offer their services jointly but with complete independence, Allfunds said in a news release, and the deal will not impact any of their current services or clients that already use their platforms.
Allfunds stated it will continue to ensure its platform is compatible with all types of technology and back-office providers, while Finametrix will continue to be compatible with other operating platforms in the market.
As part of the acquisition, head of Finametrix, Salvador Mas, will assume the role of head of digital, leading a new area within Allfunds focusing on the development of new digital products and services.
Chief executive of Allfunds, Juan Alcaraz, said: ‘This acquisition is part of the ambitious strategic plan that has a renewed momentum on the part of our new shareholders and that aims to consolidate our business as the platform of reference in open architecture solutions.
'We are enhancing our offering with the most innovative technology, front-office digital solutions, big data, and tools that help our clients to lead the change that is taking place in the sector.’
Allfunds, which has more than $440 billion in assets under administration, has been focusing on efforts to innovate its platform and offer new client services. In mid-2017 it launched a service helping over 585 financial institutions to develop mobile phone applications to generate new revenue streams.