FNZ, the New Zealand fintech spun out of Credit Suisse, continues to haemorrhage cash despite recent fundraising efforts. In 2024, the group reported $1.4bn in pre-tax losses, nearly double the previous year, forcing a third capital raise since 2024. Blythe Masters, the veteran JPMorgan banker brought in to oversee a turnaround, has implemented a cost-cutting plan that has seen significant job losses. The group shed parts of its empire this year, selling its Swiss private banking technology business and German operations.

Internal turmoil persists, with five directors resigning in June and employee shareholders filing a lawsuit alleging dilution. Roman Regelman, FNZ's president, remains optimistic about US expansion, targeting $1tn in assets within three years. To maintain City backing, the company hired Dame Alison Rose as UK chair last year. Founded in New Zealand in 2003 by Adrian Durham, FNZ offers a unified wealth management platform that has attracted banks like Barclays, Santander, and Aviva.

The company is defending itself in a New Zealand court against claims that transactions were rigged in favour of institutional investors.