International and domestic would-be buyers are in the running to acquire wealth platform True Potential in what could be a £2bn sale.

The company, which has its own platform and funds as well as serving 1.4m clients through IFAs, confirmed suitors had approached from near and far and said it had instructed a firm to review the offers.

The Newcastle-based company is seeking a high price as the demand for fintech firms has grown substantially over the last few years.

The wealth management platform is used by more than one-fifth of the UK’s IFAs.

True Potential was set up in 2007, and is owned by 739 individual partners, with a minority stake also held by FTV Capital, a US-based private equity firm.

The company is controlled by its founder, David Harrison, who remains in charge and owns a paper stake thought to be worth hundreds of millions of pounds.

Mr Harrison previously founded Positive Solutions, which grew into a business representing 1,900 IFAs.

Last year, the firm reported turnover of £99m and profits of £24m, up 61% on the previous year.

In total, True Potential has more than £52bn of assets under management.

The firm says on its website that its aim is to “revolutionise 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 futures.”

On the potential sale, a company spokesman told Financial Planning today: “2017 was an exceptionally strong year for True Potential and that performance has accelerated throughout 2018, in an industry that is also growing fast.

"It is inevitable that there would be interest in the company.

"True Potential has appointed Perella Weinberg Partners to consider and advise on the domestic and international interest that has been shown in us.”