New-York based wealth tech company Masstro has boosted its growth plans with a $43m (£35m, €40.1m) equity investment in the business.
It was led by FTV Capital, a sector-focused, growth equity investor, with 25 years’ experience in financial services and enterprise technology. Citi Ventures also participated.
Masttro, which has offices in Zurich, Monterrey, Mexico City and Santiago, said it has tripled its business over the last three years. Founded in 2010, its clients include family offices, financial advisers and large institutions managing the wealth of ultra-high-net worth families.
The company said the investment would accelerate its growth through market expansion and drive R&D for its software platform.
Padman Perumal, Masttro’s chief executive, said: “FTV’s extensive knowledge and track record in the fintech ecosystem combined with the firm’s vast network of global relationships within the broader financial services space will nicely complement our capabilities.
“This partnership will enable us to deliver on our mission to bring robust wealth data aggregation and synthesis to our clients, which we believe is the last frontier of total transparency in wealth management.”
Visibility for complicated wealth structures
Brent Fierro, principal at FTV Capital, commented: “FTV has a long track record in wealth management, and we’ve seen how challenging it is to understand total wealth, especially for those with complex financial pictures.
“Masttro’s end-to-end software as a service (SaaS) platform provides significant workflow and cost efficiencies, and visibility for even the most complicated wealth structures, while being universally applicable to both large and small institutions. We are excited to help Masttro continue to scale and revolutionize the digital wealth-management category.”
Fierro and Giovanni Bacarella, vice president at FTV Capital, will join Masttro’s board of directors. Kyle Griswold, partner at FTV Capital, will join as a board observer.
FTV Capital was founded in 1998 and has invested in more than 130 portfolio companies.
