Savvy Wealth, a digital platform tailored for financial advisors, has announced the closure of its Series A, bringing in an additional $15.5m.
This recent financial boost completes a substantial $26.5m round led by Canvas Ventures The round drew substantial interest, securing investments from a mix of both new and existing stakeholders including Thrive Capital, Brewer Lane Ventures, Index Ventures, The House Fund, and Alumni Ventures. Savvy Wealth’s journey in venture capital has now surpassed the $33m mark since its inception in 2021.
Savvy Wealth operates at the intersection of technology and financial advisory, delivering an AI-enhanced platform designed to streamline the operational aspects of wealth management. This innovative approach significantly reduces the administrative burden on advisors, enabling them to focus more on client interaction and less on backend tasks.
The funds from this latest round will be channelled towards accelerating the development of its AI technology, expanding the product and engineering teams, and bolstering its national affiliate, Savvy Advisors.
The firm aims to support entrepreneurial advisors through recruitment and development, enhancing their ability to manage client assets effectively.
Savvy Wealth has demonstrated robust growth, expanding its advisor team to 30 members who currently manage over $700m in client assets. The company is on track to exceed $1bn in assets under management (AUM) within the year. Its comprehensive technology suite includes tools like Co-Pilot, an AI-powered CRM, and Savvy Wealth Investment Management, which automates key processes such as tax loss harvesting and asset rebalancing.
Ritik Malhotra, founder and CEO of Savvy Wealth, highlighted the firm’s commitment to enhancing advisor-client relationships through technology. “As advisors increasingly pursue independence, we see a strong opportunity to partner with those who want to provide their clients with a modern, tech-driven experience,” he explained. The company’s all-in-one platform also caters to high-net-worth investors, offering services like financial planning, tax preparation, and estate planning.
Canvas Ventures co-founder Rebecca Lynn praised Savvy Wealth’s innovative approach: “Wealth management has long been an area in need of real innovation; following investments I made in Future Advisor and Check, I’ve been waiting to see a company like Savvy Wealth, where AI technology minimizes operational overhead for investment advisors,” she said.
Before this round, Savvy Wealth had already secured over $33m in venture capital. This underscores the strong investor confidence in its model and its potential to redefine the WealthTech landscape.
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