Wealthtech Platform Masttro Raises $43 Million From FTV Capital, Citi
This is the first official capital raise for Masttro, a global wealth tech company that has recently turned its eye towards North America.
Masttro, a wealthtech company focused on financial advisors, family offices, and ultra-high-net worth families, on Thursday announced a $43 million growth equity investment from prominent wealth tech investors. This is Masttro‘s first official capital raise.
The round was led by FTV Capital, a private equity investment firm focused on financial services that has raised more than $6.2 billion and has previously invested in Riskalyze, Aspire Financial Services, and Financial Engines. Citi Ventures, Citi’s corporate venture arm, also participated in the round, which is now closed. Both companies took a minority stake in Masttro, but additional terms of the deal were not disclosed.
FTV vice president Giovanni Bacarella and FTV principal Brent Fierro will join Masttro’s board of directors, and Kyle Griswold, a partner at FTV Capital, will join as a board observer.
The capital raised will be used to fund research and development of new features on the platform using data and artificial intelligence, as well as build out the go-to-market teams. According to Masttro CEO Padman Perumal, over the past three years the company has tripled its revenue, its clients, its processing volume, and its integrations with custodians. Its staff has also grown to a total of about 120 employees globally.
FTV’s Fierro told RIA Intel that his firm has been trying to find a company like Masttro for several years — and that the wealthtech company’s growth in the last few years made it especially attractive.
“We’ve been trying to find a solution like Masttro,” Fierro said. “We were really looking for a mission critical, purpose-built technology for the family office ecosystem that addresses the complexity [of UHNW clients’ portfolios], and in particular, addresses the total cost of ownership challenges for the sector.”