Private equity investors are understood to be circling platform providers in order to gain access to the UK financial services market.
Novia is the latest firm to face speculation about a deal that will provide an investment to fuel future growth.
This follows True Potential, which received a sizeable investment from US private equity company FTV Capital in January 2018.
Speaking at the time, True Potential's managing partner David Harrison said the expertise and reach of FTV Capital would lend itself to interesting growth and development prospects for the platform.
A spokesman for Novia Financial declined to comment on the speculation.
Martin Bamford, chartered financial planner at Informed Choice, said: "There's a lot of interest from private investors, especially from overseas, who want to access the UK financial services market.
"Accepting private equity money usually comes with an expectation of delivering rapid and significant business growth.
"Novia seems to be in a good position to capitalise from an injection of capital, which could take its business to the next level."
Last year also saw Nucleus and Transact list on the London Stock Exchange, while Old Mutual Wealth floated on the stock market in June as Quilter.
Jenny Turton is a freelance journalist
