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.”
Founded in 2010, Masttro has about 200 clients and services a mix of family offices, financial institutions, and wealth managers. Its software allows clients a comprehensive and interactive view of their total net worth — from art assets and alternatives to 401(k) plans — by extracting wealth data from other platforms, which it then processes and analyzes. According to Masttro, the platform has direct connectivity with more than 550 financial institutions around the globe.
Originally based in Zurich, Switzerland, the company moved its headquarters to New York City in 2020 and pivoted its growth focus on North America. Of Masttro’s client base, 45 percent is in North America, 30 percent is in Latin America, and 25 percent is in Europe. While Masttro said it is growing across all regions, the pace of growth has been fastest in the U.S. The company also has offices in Mexico and Chile.
“The wealth management ecosystem is starving for good technology,” Perumal said. “There’s a lot of inefficiencies within RIA teams, within private banks, and wealth management institutions. The market needs a solution like this, to drive client experience, to drive better efficiency for wealth advisors.”