LONDON — January 28, 2016 — True Potential LLP, the leading UK-based integrated investor and wealth management technology platform serving advisers and retail clients in the UK, today announced it had sold a significant minority share of its group business to FTV Capital, its first institutional investor. The transaction values True Potential in excess of £150 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% of UK financial advisers and serves the wealth management needs of over 2.1 million private clients.
For financial advisers, True Potential’s integrated technology platform delivers a full wealth management solution that streamlines the entire investment process featuring:
- Goal-based technology enabling custom investment plan creation;
- Seamless front to back end capabilities (including client on boarding, fee and commission reconciliation, client servicing support and a state-of-the-art client portal);
- A range of investment products from leading asset managers;
- In-house discretionary fund management; and
- A robust set of tools, processes and advice to ensure compliance requirements are always met.
For private clients, True Potential offers:
- Award-winning systems to deliver straightforward, transparent goal-based financial advice;
- A client portal that conveniently integrates all of an individual’s bank and investment accounts; and
- A wide range of investment options, including self-directed options featuring impulseSave®, the world-first technology enabling top-up investments.
“Our aim at True Potential is to revolutionize 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,” said David Harrison, managing partner, True Potential LLP. “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,” said 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,” said 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.”
True Potential was represented by Berkery Noyes & Co, LLC, a New York-based investment bank, and Ward Hadaway, a Newcastle, Leeds and Manchester-based law firm.
About True Potential, LLP
Headquartered in Newcastle upon Tyne, True Potential LLP is one of the fastest growing and most innovative financial services groups in the UK. The financial services group provides technology and business support services to UK financial advisers and wealth management services for private individuals.
True Potential has been ranked as the fastest growing financial advice and technology services company headquartered outside London in the 2014 and 2015 Deloitte Technology Fast 50. The ranking of the 50 fastest-growing technology companies in the UK are based on percentage revenue growth over the last five years.
True Potential is one of only 67 UK companies to appear in the Deloitte Technology Fast 500 EMEA 2014, a ranking of the 500 fastest-growing technology companies across Europe, the Middle East and Africa. Rankings are based on percentage revenue growth over five years. True Potential advanced from position 431 in the 2013 list to 204 in 2014.
The True Potential Centre for the Public Understanding of Finance (PUFin)
True Potential has partnered with the Open University to launch the True Potential Centre for the Public Understanding of Finance. PUFin is a pioneering Centre of Excellence for research in the development of personal financial capabilities. PUFin is working to improve public understanding of personal finance through its research and the delivery of free modules providing individuals with the tools to make sound financial decisions.
Tackling the Savings Gap
True Potential is leading the campaign to close the Savings Gap in the UK. We believe radical ideas and innovative solutions are needed in three areas to close the gap: agile regulation, better financial knowledge and understanding, and technology. The study is one of the largest of its type ever commissioned into consumers’ financial behaviour and attitudes, involving more than 16,000 adults across the UK to date.
About FTV Capital
FTV Capital is a growth equity investment firm that has raised over $1.8 billion since inception to invest in high-growth companies offering a range of innovative solutions in three sectors: enterprise solutions, financial services, and payments/transaction processing. FTV’s experienced team leverages its domain expertise and proven track record in each of these sectors to help motivated management teams accelerate growth. FTV also provides companies with access to its Global Partner Network, a group of the world’s leading enterprises and executives who have helped FTV portfolio companies for more than a decade. Founded in 1998, FTV Capital has invested in 89 portfolio companies, including companies in the financial services ecosystem such as Aspire Financial Services, ETF Securities, Financial Engines (IPO, March 2010), IndexIQ (acquired by New York Life Investment Management), InvestCloud, PowerShares Capital Management (acquired by Invesco), Swan Global Investments, and VelocityShares (acquired by Janus Capital). FTV Capital has a track record investing in the UK, including investments in World First and Apex Fund Services. FTV has offices in San Francisco and New York. For more information, please visit www.ftvcapital.com.
SOURCE: FTV Capital Partners