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Masttro Secures $43 Million Growth Equity Investment Led By FTV Capital
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Masttro has announced a significant $43 million growth equity investment led by FTV Capital, with participation from Citi Ventures. This funding aims to enhance Masttro's market expansion and R&D for its wealth management software, which utilizes AI for data aggregation and analysis. The wealth management sector is anticipated to witness a historic $84 trillion intergenerational wealth transfer by 2045, increasing demand for digital solutions. Masttro has seen a threefold business growth in three years, now serving hundreds of clients across multiple regions.
Positive
Secured a $43 million growth equity investment to accelerate market expansion.
Company tripled its business over the last three years, indicating strong demand.
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Investment will expand Masttro’s global reach as leading software platform serving high-net worth ecosystem
NEW YORK--(BUSINESS WIRE)--
Masttro, a leading wealth tech company serving family offices, financial advisors and large institutions managing the wealth of ultra-high-net worth (UHNW) families, today announced a $43 million growth equity investment. The funding was led by FTV Capital, a sector-focused growth equity investor with 25 years of experience in financial services and enterprise technology. Citi Ventures also participated. The minority investment will accelerate Masttro’s growth through market expansion and will drive R&D for its innovative software platform including wealth data aggregation, synthesis and visualization, leveraging artificial intelligence.
The wealth management space is facing a major revolution driven by two forces. First, the world is undergoing the largest intergenerational transfer of wealth in human history, with an estimated $84 trillion expected to transfer through 2045. Against this backdrop, UHNW families are often managing the most complexity due to their allocations to alternatives and illiquid assets, administration of multi-generational estate structures, differing compliance and tax codes across multiple geographies, and consolidation of liquid assets in several currencies.
Additionally, as younger generations assume wealth, the demand for digital communication, access and real-time transparency will continue to increase, meaning those who service UHNW families must invest in their technology stack to retain their business. At the same time, family offices are broadening their investment strategies as adoption of alternative assets continues to increase and they seek to capitalize on the historical outperformance and lower correlation of these asset classes against traditional investments. These forces combined are producing a growing opportunity for technological disruption, which is where Masttro is positioned to scale significantly in the coming years.
Masttro was founded in 2010 to provide a 100 percent view of total net worth, offering a software suite that utilizes data and AI to implement the most robust frame for wealth data extraction, processing and analysis. Wealth data is fragmented: split up by region, currency, custodian, asset class and estate structure, with multiple reporting templates and timeframes. Today there is a patchwork of legacy software providers that address parts of the big picture, but Masttro is the only company that was purpose-built to solve challenges associated with managing the wealth of UHNW families. Masttro provides direct digital access and real-time visibility into client portfolios through its best-in-class user experience, with an emphasis on multicurrency, tracking and reporting on alternatives.
“We are excited to partner with FTV Capital as we continue to accelerate our growth strategy,” said Padman Perumal, CEO at Masttro. “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 to achieve total transparency in wealth management.”
"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," said Brent Fierro, principal at FTV Capital. “Masttro's end-to-end 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. With deep experience in wealth management, Masttro's management team brings a unique understanding of the complexities and pain points that high-net worth clients and those who serve them face. We are excited to help Masttro continue to scale and revolutionize the digital wealth management category.”
Masttro has tripled its business over the last three years and is now serving hundreds of clients, from independent family offices to multinationals. Headquartered in New York with offices in Zurich, Monterrey, Mexico City and Santiago, Masttro serves a global client base with local resources.
With this growth investment, Fierro and Giovanni Bacarella, vice president at FTV Capital, will join Masttro’s board of directors, and Kyle Griswold, partner at FTV Capital, will join as a board observer.
About Masttro
Masttro is a leading wealth tech platform that enables a 100 percent view of wealth. The platform provides a single source of accurate, full-picture data to give wealth owners and their trusted advisors ultimate control, transparency and peace of mind to make informed, data-driven decisions in real time. Masttro offers a total wealth overview covering all illiquid and liquid investments to liabilities and passion assets. It comes with a comprehensive suite of features including direct data aggregation and AI driven document data extraction to construct the basis for powerful interactive real time analysis and reporting needs– all protected by best-in-class cybersecurity architecture and data security protocols. For more information and to stay up to date on new product releases and company developments, please visit www.masttro.com and follow the firm on LinkedIn.
About FTV Capital
FTV Capital is a sector-focused growth equity investment firm that has raised $6.2 billion to invest in high-growth companies offering a range of innovative solutions in three sectors: enterprise technology and services, financial services, and payments and transaction processing. FTV’s experienced team leverages its domain expertise and proven track record in each of these sectors to help motivated management teams accelerate growth. FTV also provides companies with access to its Global Partner Network®, a group of the world’s leading enterprises and executives who have helped FTV portfolio companies for two decades. Founded in 1998, FTV Capital has invested in over 130 portfolio companies, including Agiloft, ConnexPay, Docupace, EBANX, Embroker, Lean Solutions Group, LoanPro, LogicSource, PlateIQ, Tidal Financial Group, True Potential and Vagaro, and successfully exited/partially exited companies including Enfusion (NYSE: ENFN), Globant (NYSE: GLOB), InvestCloud (recapitalized), MedSynergies (acquired by Optum), RapidRatings (recapitalized), Strata Fund Solutions (acquired by Alter Domus), VPay (acquired by Optum) and WorldFirst (acquired by Ant Financial). FTV has offices in San Francisco, New York and Connecticut. For more information, please visit www.ftvcapital.com and follow the firm on LinkedIn.
About Citi Ventures
Citi Ventures catalyzes innovation and accelerates growth at Citi and across the tech and finance ecosystems by bringing the outside in, building capabilities, and delivering thought leadership. Since its founding in 2010, the team has invested in over 100 category-defining fintech and enterprise tech startups that respond to the changing needs of Citi’s clients and customers. Citi Ventures has offices in San Francisco, Palo Alto, New York City, London, Tel Aviv, and Singapore. For more information, visit www.citi.com/ventures.
Disclosures
The portfolio companies identified and described herein do not represent all of the portfolio companies purchased, sold or recommended for funds advised by FTV Capital. The reader should not assume that an investment in the portfolio companies identified was or will be profitable. For a list of all of our portfolio companies, please visit our website. Past performance is not indicative of future results.This press release is not a solicitation of an offer to purchase securities and may not be relied upon in connection with the purchase or sale of any security. Interests in funds managed by FTV Capital, if offered, will only be made pursuant to a confidential offering memorandum and subscription documents.
