Wealth Tech Platform Savvy Wealth Raises $72M in Funding Round 

Savvy Wealth, a technology-based registered investment advisor and wealth management platform, has raised a total of $100 million after its latest funding round.

The New York-based firm, launched in 2021, raised $72 million in a new Series B round of funding, which was led by Industry Ventures, a venture capital firm, and included new investors Vestigo Ventures and Euclidean Capital. 

Existing investors Canvas Ventures, Thrive Capital, The House Fund, Brewer Lane Ventures, and former Focus Financial executive Vamsi Yadlapati also supported the funding, and Mark Casady, former CEO and chairman of LPL Financial CEO, will join the company’s board. 

“AI is disrupting financial advice, but not in the way that many have predicted. Rather than replacing advisors, it’s amplifying their ability to deliver highly personalized and deeply human client experiences,” Ritik Malhotra, founder and CEO of Savvy Wealth, said. “As modern advisors continue to choose independence, Savvy’s boutique culture, cutting-edge technology and full-service platform offers them a welcome home where their voice matters.” 

The startup says it plans to use the capital to advance its technology and to expand the recruitment of independent advisors and advisory teams for its registered investment advisor, Savvy Advisors. The firm will also use the funding to boost its artificial intelligence capabilities to offer “personalized” financial services. 

Savvy Wealth did not specify the total valuation of the firm following the latest round of funding. 

Savvy Wealth has approximately $1.2 billion in assets under management, according to its latest Form ADV, filed in May.