What Third Financial does

Third Financial is a UK-based wealth management software and regulated platform services provider, headquartered in London with additional offices in Birmingham, Jersey (St Helier) and Salisbury (parent company office). Founded in 2007 and operating since 2008 as a trading group, the company serves UK and offshore wealth managers, financial advisers and consolidators, multi-family offices, investment managers and fintechs. Since 2024 it has operated as a wholly-owned subsidiary of Nucleus Financial Platforms Limited within the Nucleus Group.

The company's core technology is Tercero, a proprietary front-to-back wealth management system combining CRM, portfolio management, order routing, trade execution, settlement, exception-based compliance and client reporting, complemented by Photon — a proprietary AWS-hosted microservices architecture launched in 2021 that enables continuous delivery of features outside the quarterly Tercero release cycle. Third Platform Services Ltd (TPS), an FCA-authorised (FRN 717915) Non-SNI MIFIDPRU investment firm, provides Model B settlement and safe custody, ISO 27001:2022-certified information security, an independently verified ISAE 3402 Type 2 assurance report, and CASS-compliant segregated client money and asset accounts. A two-way API suite integrates with back-office systems such as Intelliflo Office, and a customisable white-label mobile app extends the offering to iOS and Android.

Third Financial monetises through five interconnected streams: (i) recurring managed-service fees from Model B custody, dealing and platform administration, structured as fixed minimums plus AuA-linked components, with approximately 38% of group revenue described as fixed; (ii) software/SaaS licensing of Tercero; (iii) bespoke white-label Adviser-as-a-Platform (AaaP) contracts with multi-year terms; (iv) transaction-based execution revenue via Fidessa and Aegon routing; and (v) ancillary services such as the March 2026 Firenze Lombard lending facility. Go-to-market is long-cycle B2B enterprise sales led by named relationship managers, complemented by a SaaS self-serve option, an OEM/embedded AaaP channel, and group-level distribution through Nucleus. The platform administers over £50bn of assets across 60+ firms, including flagship relationships with Foster Denovo (£1bn+), Titan Wealth, Verso (£250m+ transferred), Arbuthnot Latham, Kingswood and others.

Name

Third Financial

Legal name

Third Financial Software Ltd

Website

https://thirdfin.com

Company type

Private

Founded year

2007

Operating status

Operating

Headcount range

101–250 employees

Short description

Third Financial provides Tercero wealth management software plus FCA-regulated Model B custody and platform services to UK and offshore wealth managers, advisers, multi-family offices and fintechs, administering £50bn+ across 60+ firms as a Nucleus Group subsidiary.

Ownership category

akta.pro rank

Headquarters

HQ city

London

HQ country

United Kingdom

HQ region

Europe

Offices4 records

Markets served

GTM type

B2B

Offering type

Software

Cost components

Personnel, Technology or R&D, Operations, Infrastructure, Marketing or Sales

Revenue model

1. Platform custody and administration fees: Recurring managed-service revenue from Third Platform Services Ltd (TPS) Model B custody, dealing, settlement and platform administration. Mix includes a fixed minimum fee per customer plus variable AuA-linked components. Per MIFIDPRU 8 disclosure, approximately 38% of group revenues are fixed and therefore not based on AuA, providing downside protection against market volatility.
2. Software licensing (Tercero): Software/SaaS licensing of the Tercero wealth management platform (CRM, portfolio management, order routing, reconciliation, compliance, client portal) to clients who run their own operations. Also available as a SaaS fast-track 'MiFID II out of the box' deployment.
3. White-label Adviser-as-a-Platform (AaaP): Revenue from white-labelled, bespoke investment platform propositions delivered to large advisers and consolidators under their own brand, with Third providing core processing, asset servicing, custody and market connectivity. Recurring platform fee revenue, often with bespoke two-way integration and mobile app delivery.
4. Transaction-based execution revenue: Revenue associated with order execution on behalf of Professional Client customers via London Stock Exchange (Fidessa routing), international brokers and Aegon for unit trusts/OEICs. Best-execution obligations apply under FCA COBS.
5. Recurring platform revenue growth: Mid-year 2018 group financial results showed group revenues up over 30% year-on-year with key recurring revenue up over 75% over the same period, underscoring the recurring/subscription nature of platform and software fees.

Pricing tiers

Go-to-market motion4 records

Distribution channels4 records

Marketing channels8 records

Core offering

Third Financial builds and operates Tercero, its proprietary front-to-back wealth management software combining CRM, portfolio management, order routing, reconciliation, compliance and client portal. Around Tercero it delivers a regulated Model B investment platform providing custody, dealing and settlement (via Third Platform Services Ltd), an Adviser-as-a-Platform white-label proposition, offshore custody in Jersey and a customisable branded mobile app — sold to UK wealth managers, IFAs, multi-family offices and investment institutions.

Product overview

Third Financial operates a platform-plus-modules architecture built around its proprietary core system, Tercero. Tercero is the central wealth management software engine providing CRM, portfolio management, order routing, trade execution, settlement, compliance, and reporting. The Third Financial Investment Platform combines Tercero with Model B regulated custody, clearing, and settlement services operated by Third Platform Services Ltd, allowing wealth managers to take their own white-labelled Adviser-as-a-Platform offering to market. Tercero Cloud is the all-inclusive branding of this combined software-plus-custody service. Photon is an add-on microservices architecture that integrates with Tercero to deliver new features such as the rebalancing engine. The Third Financial Mobile App is a complementary iOS/Android module that leverages Tercero's APIs, and the Offshore Custody Service extends the platform to non-UK domiciled clients via TPS Offshore (Jersey) Limited. The product suite is available either as a complete platform solution or as standalone Tercero software on a SaaS basis.

Differentiator

Problem solved

Functional benefit

Brands

• Tercero: Market-leading proprietary integrated CRM and portfolio management system for wealth managers, also offered on a SaaS basis. Powers Third Financial's investment platform and Model B custody service.
• Photon
• Tercero Cloud

Products and services

• Tercero Tercero is Third Financial's award-winning proprietary wealth management software providing integrated CRM, portfolio management, order routing, trade execution, settlement, client reporting, exception-based compliance and rebalancing. It is sold both as part of the Third Investment Platform and as a standalone SaaS software licence to wealth managers, advisers, multi-family offices and institutions that run their own operations.
• Third Financial Investment Platform FCA-regulated Model B custody, clearing and settlement platform providing comprehensive outsourced back-office operations combined with Tercero software. Enables wealth managers, advisers and multi-family offices to operate their own branded investment platform with full administration and client asset custody responsibilities assumed by Third Platform Services Ltd.
• Tercero Cloud Tercero Cloud is the full-service branding of Third Platform Services' all-inclusive offering combining Tercero wealth management software with outsourced back-office operations, a white-labelled digital client portal with published APIs, segregated client money and asset accounts, Fidessa market connectivity and a global custodian network.
• Offshore Custody Service Offshore custody, clearing and settlement service delivered by TPS Offshore (Jersey) Limited for wealth management firms whose clients require assets to be registered in an offshore jurisdiction. Powered by Tercero software and managed operationally by London staff; available standalone or alongside the onshore service.
• Third Financial Mobile App A fully customisable native iOS and Android mobile application providing real-time valuations across investment wrappers, detailed investment analysis, digital document delivery and modern security/authentication features. Built on Tercero and the published API suite and rolled out under the branding of individual advisers and investment managers.

Quantifiable outcome

• £50bn+ of assets administered on Tercero software/services
• +6 more outcomes

Named customers20 records

Segments5 records

Ideal customer profiles4 records

Technology focussed Yes

API detail

Has API

Yes

API docs

API detail

Core technology

AI maturity

App detail

Integration5 records

AI capability2 records

Feature6 records

Partnerships

Twelve partnerships are on record, tiered mid, flagship, core and minor.

• Firenze GroupmidStrategic or Co-development Partner · 26 March 2026Firenze Group and Third Financial jointly delivered a multi-million-pound Lombard lending facility for the client of a UK-based boutique wealth manager. Facility enabled release of liquidity from investment portfolio to support estate planning.
• Foster DenovoflagshipStrategic or Co-development Partner · 1 December 2025Strategic partnership extension signed December 2025 for an exclusive bespoke Adviser-as-a-Platform (AaaP) solution powered by Third's Tercero software. Over £1bn of client assets already administered on the platform. Includes two-way integration with back-office systems and a new Clearview-branded mobile app.
• Verso Investment ManagementcoreStrategic or Co-development Partner · 6 November 2025Verso extended its five-year partnership with Nucleus and is transferring the custodial operations of its investment management arm to Third Financial under a new five-year deal, including over £250m in assets under management.
• Titan Wealth GroupflagshipStrategic or Co-development Partner · 16 October 2025Significant extension of strategic partnership announced October 2025; Titan Joint CEO Andrew Fearon highlighted scale as a key reason for choosing Third Financial as a long-term strategic partner.
• Nucleus Financial Platforms (Nucleus group)flagshipStrategic or Co-development Partner · 1 January 2024Third Financial acquired by Nucleus Financial Platforms Limited in 2024 and now operates as a wholly-owned subsidiary within the Nucleus Group. Nucleus is the UK's only large-scale group with a comprehensive range of bespoke platform solutions (Nucleus Wrap, James Hay Online, Curtis Banks, Talbot and Muir SIPP/SSAS, Dunstan Thomas), administering £97bn for 230,000+ UK customers via 5,300+ financial advisory firms.
• ArchaxcoreTechnology or Integration · 6 October 2021Third Financial provides post-trade connectivity for Archax, the UK's first FCA-regulated digital securities exchange. Archax CEO Graham Rodford: 'We are very happy to entrust our post-trade connectivity to them.'
• Amazon Web Services (AWS)coreTechnology or Integration · 6 July 2021Photon microservices architecture is hosted on AWS and uses proven Cloud Native AWS services; CTO Ron Tomlinson: 'The Technology stack is cutting edge and allows us to build a next generation platform using proven Cloud Native AWS services.'
• RSM UKmidOthers · 29 July 2019Appointed as financial statement auditor and CASS auditor in July 2019 following a rigorous external audit tender. CFO Mike Scott: 'RSM were chosen as they best met all of our requirements... The Board was particularly impressed with the strong credentials of the audit partner, David Fenton, who has an extensive background in CASS audits.'
• IntelliflocoreTechnology or IntegrationTwo-way real-time interface between Third's platform and Intelliflo Office back-office system for electronic submission of all client and plan data; central to reducing dual-keying burden.
• Fidessa (London Stock Exchange)coreTechnology or IntegrationOrders for UK equities, ETFs, government and corporate bonds are routed through the Fidessa electronic order routing system via the London Stock Exchange, designed to review and trade at the best price available.
• AegoncoreTechnology or IntegrationOrders for unit trusts and OEICs are passed through the Aegon electronic system or placed directly with the fund manager.
• PIMFAminorOthersExternal consultancy contribution to Tercero MiFID II enhancements alongside multiple investment firms; Head of Commercial Ricky Ali: 'we drew on contributions from multiple investment firms and external consultants, including PIMFA'.

Scale indicators14 records

Recent moves6 records

Expansion highlights6 records

Direct peers

• FNZ: Global wealth management platform serving asset managers, advisers and banks with end-to-end platform technology including custody, dealing, reporting and white-label capabilities. Directly comparable to Third Financial as a technology-led platform business with embedded custody and Adviser-as-a-Platform offerings.
• 7IM (Seven Investment Management): UK wealth manager and platform provider offering adviser platforms, discretionary and managed portfolio services, and white-label solutions. Direct peer in the UK adviser platform segment with overlapping product architecture.
• Hubwise: UK adviser platform providing custody, dealing, model portfolios and white-label services to discretionary fund managers and IFAs. Comparable mid-market platform competing for the same adviser segment.
• Parmenion: UK-based discretionary investment management and platform provider (acquired by Schroders in 2022), serving financial advisers with a centrally managed portfolio service on its own technology platform. Comparable in scale, target market and integrated software-plus-custody model.
• Transact: One of the largest UK investment wrap/platform providers, offering integrated custody, dealing, portfolio management and white-label propositions to advisers and wealth managers. Direct competitor in the UK adviser platform market.
• Embark Group: UK wealth platform and retirement specialist (now owned by Lloyds Banking Group) offering platform technology, SIPP/SSAS, white-label propositions and back-office infrastructure to advisers. Closely comparable in proposition and target market.

Others

• Intelliflo: UK back-office technology provider for financial advisers, integrated with Third Financial via a two-way API for client and plan data. Adjacent rather than directly competing, but operates in the same UK wealthtech ecosystem and serves overlapping adviser customers.

Broad incumbents

• Aviva Platform: Major UK investment platform operated by Aviva, offering wrap/SIPP/ISA propositions to advisers and direct customers. Large-scale incumbent with integrated custody, dealing and back-office capabilities competing for the same UK adviser market.
• Abrdn (Aberdeen Standard Capital): Global asset manager with a substantial UK wrap/platform business serving advisers and wealth managers, including white-label propositions. Larger incumbent with broader product shelf and global footprint.
• Ascentric (M&G Wealth): Established UK investment platform owned by M&G plc, providing wrap/platform services to advisers and wealth managers. Larger and more diversified incumbent competing for the same adviser base with broader product range.

Market position

Strengths5 records

Weaknesses6 records

Competitive moat5 records

Key risks7 records

Key highlights7 records

Customer concentration

• Xx.com/thirdfin
• LinkedInlinkedin.com/company/third-financial-software-ltd

Compliance7 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles11 records

Subsidiaries4 records

Funding overview

Funding rounds4 records

Investors1 record

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Third Financial