Canadian pension fund La Caisse has taken tighter control of fintech FNZ, overhauling its management after losing faith in its turnaround plan. The firm demanded chief executive Blythe Masters stand down amid frustration with performance, and is preparing to sideline group president Roman Regelman, an ally of Masters and partner at her private equity firm Motive Partners. An internal memo seen by the Financial Times says Regelman will stay in an advisory role under new group chair and interim CEO Stephen Welch, a restructuring veteran appointed in August. La Caisse has added board members and plans to shrink the board for greater focus.
CEO Charles Emond said Welch is an executive chair with experience to assist, and that the business model must become “more sustainable, more mature” despite a high cash burn rate. FNZ provides software to clients including Barclays, Santander, and Aviva, and was valued at $20bn in 2022. It reported $1.4bn in pre-tax losses last year, nearly double the previous year.
The company has raised cash four times since 2024, prompting a lawsuit from employee shareholders over dilution. Interest costs rose 29% to $205mn in 2025, while staff and platform costs increased significantly. Mike Stevens, a former employee and plaintiff, welcomed La Caisse’s active role. FNZ says the lawsuit is without merit and its transformation is bearing fruit.
Source: Financial Times Companies · Summarized by HeadlinesBriefing