True Potential, an integrated investor and wealth management tech platform serving UK advisers and retail clients, has sold a significant minority share to FTV Capital, its first institutional investor. The transaction values True Potential in excess of GBP150 million.
In addition to the funding, FTV Capital’s Brad Bernstein and Kyle Griswold have joined the company’s board of directors.
Founded in 2007, True Potential LLP has built one of the UK’s most innovative financial services groups. The company currently provides products and technology to nearly 20 per cent of UK financial advisers and serves the wealth management needs of over 2.1 million private clients.
“Our aim at True Potential is to revolutionise the way wealth management is delivered. We believe that by using technology to deliver financial services, we empower financial advisers and their clients to take control of their financial futures,” says David Harrison, managing partner, True Potential. “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.”
“Technology has become a true game-changer in financial services. As the wealth management landscape in the UK continues to transform, digital tools will become table stakes for advisers who want to retain existing clients and continue to grow their client bases,” says Brad Bernstein, FTV Capital partner. “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.”
“Today’s investors demand access to their personal financial information at any time and from anywhere, on a range of mobile devices,” says Kyle Griswold, FTV Capital principal. “But many investors also want trusted human interaction, especially during periods of market volatility. True Potential is uniquely combining technology and experienced advisers to deliver a highly compelling investment experience.”
