Savvy collects $11m as it modernises human financial advice


Savvy, which is on a mission to modernise human financial advice through technology, has collected $11m for its Series A-1 funding round.

Berkeley’s The House Fund served as the lead investor, with commitments also coming from partners at Index Ventures, Thrive Capital, Brewer Lane Ventures, Jordan Park and many others.

The idea for Savvy came after the real experiences of its co-founder and CEO Ritik Malhotra. Malhotra had gone through the arduous process of finding a financial advisor, transitioning accounts and working with advisors on a daily basis. He said, “I couldn’t help but think how painful the experience must have been for them, let alone for myself.”

Malhotra added that while this was just a one-time process for him, financial advisors around the world are using slow account migrations, compliance checks and paperwork.

Savvy was created to solve these problems. It supplies the wealth management industry with technology and automation. It provides investors with one unified and integrated place that has everything they need to service clients. This includes CRM, investment management and financial planning.

Through intelligent automation, advisors can refrain from doing repetitive tasks and focus on more meaningful duties.

In a blog post announcing the funding round, Malhotra said, “We’ve only just celebrated Savvy’s first birthday (!), but in that time we’ve managed to grow our team from 2 to 23 amazing people, onboard a visionary class of financial advisors who are excited to build the future of wealth management, start transitioning over $200 million in AUM to our firm, and (most of all) have fun in the process.”

This Series A-1 round comes just months after it raised $7.3m for its seed round. The round, which closed in February 2022, was backed by Index Ventures, Thrive Capital, the founders of Flexport, Opendoor, Newfront, Iconiq, Plaid, Instacart, Figma, Jordan Park, A* Capital, Operator Partners, GFC and more.

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