FinTech News
Savvy Wealth Raises $26.5 Million for Wealth Management AI Tools
The digital financial advisor platform Savvy Wealth has revealed an addition to its early-stage funding round.
About the round:
Savvy Wealth has announced the closure of its Series A, which totals $26.5 million. This includes the addition of $15.5 million from Canvas Ventures. New and existing investors including Thrive Capital, Brewer Lane Ventures, Index Ventures, The House Fund, and Alumni Ventures also participated. To date, the company has now raised a total of $33.8 million including a $7.3 million seed round in 2022.
With these latest funds, Savvy says it will be able to accelerate the development of its AI-powered platform. Additionally, the company intends to expand its product and engineering teams.
About Savvy Wealth:
Founded in 2021, Savvy Wealth is a digital platform built for financial advisors and is meant to help modernize financial advice. Using the service, advisors can build an integrated technology platform for sales and marketing automation. In turn, Savvy states that advisors can focus their time on their clients.
What they’re saying:
Discussing the idea behind Savvy Wealth, the company’s founder and CEO Ritik Malhotra said, “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.” Malhotra continued, “We empower advisors with purpose-built technology to transform their client relationships and scale their practices exponentially.”
Meanwhile, Canvas Ventures co-founder and general partner Rebecca Lynn said of the firm’s investment, “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.”
My thoughts:
As Savvy notes in a blog post about its Series A round, this funding comes as the startup is celebrating its third birthday. That makes this sizable round even more impressive. Clearly, Savvy Wealth is building something that financial advisors and investors see value in — and these latest funds will only help to build something even better.
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