Wealth technology platform Allfunds has acquired Madrid-based fintech firm Web Financial Group (Web FG) for a total consideration of €145m (£121m, $160m).
Allfunds said the M&A deal will be funded via debt financing.
Web FG provides digital solutions for the wealth management industry through data management and technology. The European platform will leverage Web FG’s multi-asset capabilities and multi-data connectivity to expand its offering.
The acquisition strengthens Allfunds’ footprint in key markets where it already operates, including France, Germany, Spain, Sweden, Switzerland and the UK.
The deal will also see Allfunds onboard around 100 employees of the Spanish firm located across six offices in Europe.
Juan Alcaraz, Allfunds’ founder and chief executive, said: “At Allfunds, we are fully customer-centric and, with this in mind, we are always looking for growth opportunities that complement and broaden our offering.
“We wish not only to fulfil our clients’ needs, but to anticipate them; the synergies, technology and talented Web FG team will, no doubt, strengthen our value proposition and help us deliver the world-class service we, at Allfunds, strive to provide.”
Julio Bueso, Web FG’s founder and chief executive, added: “It is exciting to become a part of the Allfunds business and I look forward to working together towards becoming an even stronger wealthtech champion. Our combined experience, expertise and synergies will reinforce Allfunds’ technology, delivery and ultimately, service offering as a whole.”
The M&A deal is subject to customary closing conditions and is expected to finalise in Q2 2022.
This article first appeared on our sister title International Adviser.