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.

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.

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“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.”