Savvy, a wealth management firm that provides wealth managers with enhanced software and marketing automation, has raised $7.3m from a seed round.
The round was co-led by Index Ventures and Thrive Capital and also saw participation from the founders of Flexport, Opendoor, Newfront, Iconiq, Plaid, Instacart, Figma, Jordan Park, A* Capital, Operator Partners, GFC and more.
According to Savvy, it was formed to address the lack of technology adoption and fragmentation of services in the wealth management industry. Its technology assists wealth managers in thriving so they are better able to focus on growing their client base and assets under management.
Savvy will use the financing to acquire wealth management firms, hire wealth managers, grow the product development team and invest in research and development. The company also aims to expand its digital platform to further bolster the quality of client service and wealth manager efficacy.
Savvy CEO and co-founder Ritik Malhotra said, “We noticed that over the past decade, and specifically since the onset of the pandemic, that the wealth management industry was not embracing technology as quickly as the general public was. A massive amount of wealth managers still don’t offer digital communication beyond email and still conduct financial planning manually.
“Our goal is to build a technology-powered wealth management firm where we equip our wealth managers with advanced tools and services to advance their business, broaden their client base, and allow them to spend more time with clients. This additional capital will let us expand our offerings to do just that.”
