Savvy Wealth Closes $26.5M Series A to “Modernize” Wealth Management
Savvy Wealth, a fintech platform for financial advisors, closed the second tranche of its $26.5 million Series A round. The $15.5 million round was led by Canvas Ventures, and included follow-on investment from previous investors such as Thrive Capital, Brewer Lane Ventures, Index Ventures, The House Fund and Alumni Ventures. This latest raise brings total funding to $33 million.
The firm said the funds will be used to accelerate the development of its artificial intelligence (AI)-powered technology platform, expand its product and engineering teams, and recruit advisors to its national affiliate registered investment advisor, Savvy Advisors.
In less than two years, Savvy has grown its team to 30 advisors who manage over $700 million in client assets and expects to reach $1 billion in the coming months. Citing a recent Fidelity report, Savvy said that one in six advisors have switched firms in the past five years, with the majority seeking an independent practice.
The company’s technology offering includes Co-Pilot (an AI-powered CRM), digital client onboarding, a fully embedded marketing and lead generation agency, and Savvy Wealth Investment Management, a proprietary investment management solution that helps automate tax loss harvesting, rebalancing and asset allocation.
“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,” said Ritik Malhotra, founder and CEO of Savvy Wealth.
The Savvy Wealth platform includes personalized direct indexing, 401(k) account management, financial planning, tax preparation, alternative investments, estate planning, insurance and more.
Pictured: Ritik Malhotra, founder and CEO of Savvy Wealth
