The financial technology firm has received a capital boost in its move to develop a wealth management offering.

Third Financial Software, a UK supplier of front-to-back portfolio management software, has received a £2.5 million ($3.9 million) minority investment from CIT Growth Capital. Part of the money will be used to finance a new, wholly-owned subsidiary to offer platform services to the UK wealth management industry.

Third Financial also appointed Matt Alyward, a former managing director of investment services at Brooks Macdonald, as head of the new subsidiary company, with further details of the service to be announced in due course, it said in a statement.  

Third Financial said that, as part of the investment, it has appointed two non-executive directors to its board: Oliver Thomas, partner at CIT Growth Capital, and Alexandre Harkous, founder and executive director of BI-SAM Technologies.

Third Financial has offices in London’s Covent Garden, and in Halesowen, near Birmingham. CIT Growth Capital, meanwhile, was founded in 2014 to target growth companies seeking £2 million to £10 million in expansion capital.