The investment will allow Masttro to further support the R&D of its software platform. Credit: Alexander Mils on Unsplash.

Masttro, a wealth tech company based in the US, has received a growth equity investment of $43m in a funding round led by FTV Capital.

Citi Ventures also took part in the fundraise, which will allow Masttro to expand its presence into new markets.

Go deeper with GlobalData

Data Insights

The gold standard of business intelligence.

Find out more

The minority investment will also be used by Masttro to fund the research and development (R&D) of its software platform such as wealth data aggregation as well as synthesis and visualisation, using artificial intelligence.

As per the terms of the deal, FTV Capital vice president and principal Giovanni Bacarella and Brent Fierro, respectively, will join Masttro’s board of directors.

FTV Capital partner Kyle Griswold will become a board observer.

Masttro CEO Padman Perumal 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.

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

“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.”

Founded in 2010, Masttro aims to tap the potentials in the wealth management sector, which is estimated to see $84tn of intergenerational transfer of wealth through 2045.

The firm also seeks to meet the younger generations of ultra-high-net worth (UHNW) families’ growing demand for digital communication, real-time transparency and others.

Fierro said. “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.”