Savvy Wealth, has raised an additional $15.5m as part of its Series A round, bringing its total raised to $26.5m.
The round was led by Canvas Ventures with participation from Thrive Capital, Brewer Lane Ventures, Index Ventures, The House Fund, and Alumni Ventures, according to the Coverager.
Savvy Wealth, founded in 2021 and based in New York, targets financial advisors with an integrated technology platform and sales and marketing automation. The startup has rapidly grown its team to 30 advisors who manage over $700m in client assets.
The company offers a variety of services and products, including financial planning, tax preparation, alternative investments, estate planning, and insurance, aimed at both financial advisors and consumers.
With the new funding, Savvy Wealth intends to further develop its technology platform and expand its services to more advisors and clients.
This investment will help the company enhance its AI capabilities to reduce operational overhead for investment advisors, allowing them to focus on high-value activities.
“Wealth management has long been an area in need of real innovation; following investments I made in Future Advisor (acquired by BlackRock) and Check (acquired by Intuit), I’ve been waiting to see a company like Savvy Wealth, where AI technology minimizes operational overhead for investment advisors, who are weighed down by archaic processes and mountains of administrative work. Ritik Malhotra and his team have a proven track record of building fast-growing businesses, having sold his previous companies to Box and Brex. We are excited to be a part of their growth journey,” said Rebecca Lynn, co-founder and general partner at Canvas Ventures.
“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. The human relationship between advisors and their clients is what matters most, and advisors need more time to focus on high-value activities. We empower advisors with purpose-built technology to transform their client relationships and scale their practices exponentially,” added Ritik Malhotra, founder and CEO of Savvy Wealth.
Savvy Wealth’s previous investment rounds have brought its total funding to $26.5m, with support from prominent investors in the FinTech space.
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