Embark raises £39.4m from investment giants

"Embark Group is a highly-successful and innovative digital business with strong technical expertise, it is already emerging as a pivotal player in this space and we look forward to working with the business on its next stage of development.'"

In January, platform software provider FNZ took a minority stake of just below 10 per cent in Embark Group as the firms announced a five-year extension to their existing commercial partnership. FNZ stake will not be affected by the new investments.

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FNZ was the sole participant in a small rights issue by Embark, which saw it acquire a 9.1 per cent stake in the platform and Sipp provider. 

As a minority shareholder, FNZ will have an interest in the growth of the Embark business, but the investment "does not carry any operation involvement, control, or oversight,'" according to Embark.

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