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Report: UK wealth platform True Potential eyes £2B valuation

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Report: UK wealth platform True Potential eyes £2B valuation

U.K.-based wealth investment platform True Potential LLP is exploring a sale that could value it at close to £2 billion, Sky News reported Sept. 3.

The firm has hired bankers from Perella Weinberg Partners LP to consider and advise on offers from potential buyers, both domestic and foreign, the news outlet reported, citing a spokesman. The move makes True Potential the latest British financial technology firm seeking a valuation of at least £1 billion in a bid to cement its "unicorn company" status.

True Potential services about 1.4 million end clients and has more than £52 billion of assets under administration. In 2017, the company reported a turnover of £99 million with profits of £24 million, up 61% from the previous year, the outlet reported.

True Potential was set up in 2007 and is owned by 739 individual partners. It is led by founder David Harrison, who also owns a stake in the company.