British investor and wealth management technology platform True Potential has sold a "significant minority" stake to US private equity firm FTV Capital in a deal that values the fintech outfit at more than £150 million.
Founded in 2007, Newcastle-based True Potential provides products and technology to nearly 20% of UK financial advisers and also serves the wealth management needs of over 2.1 million private clients.
The firm now plans to step up its growth thanks to an injection of funds from its first institutional investor, with FTV Capital’s Brad Bernstein and Kyle Griswold also joining the board of directors.
Says Bernstein: "True Potential’s visionary management team has built an innovative company that is successfully using technology to deliver highly compliant, accessible, secure and user friendly wealth management solutions that address these changing market dynamics for both advisers and clients."
David Harrison, managing partner, True Potential, adds: "As we continue to leverage technology to enhance our platform and services, we look forward to partnering with FTV Capital and tapping into their expertise and success growing wealth and asset management businesses."