Investment will expand Masttro’s global reach as leading software platform serving high-net worth ecosystem
Masttro, a leading wealth tech company serving family offices, financial advisors and large institutions managing the wealth of ultra-high-net worth (UHNW) families, 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.
“We are excited to partner with FTV Capital as we continue to accelerate our growth strategy”
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.
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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.
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“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.
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