La Caisse de dépôt et placement du Québec pushed Blythe Masters, CEO of the U.K.-based fintech, to step down last month after it became frustrated with the company’s performance, according to the Financial Times. The pension fund, FNZ’s largest investor, valued its holdings in the company at at least $3 billion as of Dec. 31. (Financial Times)

Talking point: La Caisse has also brought in restructuring veteran Stephen Welch as executive chair. The intervention deepens a board overhaul the pension’s CEO Charles Emond outlined in August, when he said FNZ needed a more sustainable business model and lower cash burn. La Caisse and CPP Investments had joined other major shareholders in pushing for governance changes after losses mounted as FNZ expanded through acquisitions. The fintech, whose wealth management software is used by banks including Barclays and Santander, reported US$1.4 billion in pre-tax losses last year, nearly double the previous year, and has raised money from investors four times since 2024. Minority shareholders are also suing FNZ, alleging funding rounds unfairly diluted their stakes. FNZ said the claim is without merit and that its turnaround is beginning to bear fruit, with the company targeting positive cash flow in the second half of 2027. 

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