Hatch Leaves The Nest
Expect online shares platform Hatch to grow significantly after its sale to FNZ today.
5 October 2021
FNZ says Hatch will remain an autonomous business unit within the wider FNZ Group. It was previously an autonomous unit within Kiwi Wealth.
It says it will allow Hatch to retain and follow its entrepreneurial instincts as well as “its culture of innovation, dynamism and collaboration”.
FNZ is a global fintech platform which partners with many of the world’s leading financial institutions. It was founded in 2004 in Wellington by current group chief executive Adrian Durham and his fellow cofounders but the rapidly growing group now has its headquarters in Scotland.
Hatch serves over 130,000 users and more than NZ$2 billion has been transacted on the platform since it was founded in 2018. It was the first of the Kiwi shares platform to offer access to US markets, however several competitors now offer that service.
FNZ says it will support the existing Hatch management team through further investment and access to FNZ’s infrastructure and technology, to significantly accelerate the growth of Hatch’s business.
James McDonnell, managing director of FNZ New Zealand, says the business has reached a logical point in its life cycle to pursue ownership transition.
“FNZ now has the capability and appetite to build on these foundations in order to achieve a step-change in their growth trajectory.”
Hatch Co-Founder and General Manager Kristen Lunman says: “Under the new ownership of FNZ, we have the necessary backing to scale at the pace a high-growth start-up requires.
“We intend to offer our customers further options that put their money to work, provided by the same team and community they are familiar with.”
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