Savvy Wealth (a digital-first platform for financial advisors centered around transforming human financial advice) announced an additional $15.5 million funding round led by Canvas Ventures. This latest funding round, which closes the company’s $26.5 million Series A round, will accelerate the development of its artificial intelligence AI-based technology platform, expand its product and engineering teams, and recruit entrepreneurial advisors to its national affiliate registered investment advisor (RIA), Savvy Advisors. The funding round also saw participation from existing and new investors, including Thrive Capital, Brewer Lane Ventures, Index Ventures, The House Fund, and Alumni Ventures.
Since its founding in 2021, Savvy Wealth has raised over $33 million in venture capital. In under two years, it has grown its team to 30 advisors who manage over $700 million in client assets. With its current trajectory, Savvy is prepared to cross the $1 billion in assets under management (AUM) milestone this year.
And Savvy Wealth has shown it can significantly enhance efficiency for independent advisors, cutting the time spent on non-revenue-generating middle and back-office tasks by up to 90%. Plus, its all-in-one and integrated 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.
The Savvy Wealth platform is rounded out by solutions appreciated by high-net-worth investors, including personalized direct indexing, 401(k) account management, financial planning, tax preparation, alternative investments, estate planning, insurance, etc.
Savvy Wealth’s leadership team includes top talent from leading tech firms, including Airbnb, Box, Brex, Doordash, Goldman Sachs, Square, and Robinhood, while its RIA affiliate has recruited experienced wealth managers from LPL Financial, Merrill Lynch, Morgan Stanley and several independent registered investment advisors across the country. And Savvy remains focused on onboarding experienced advisors, who receive equity ownership similar to tech industry employees and founders.
KEY QUOTES:
“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.”
- 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.”
- Ritik Malhotra, founder and CEO of Savvy Wealth
“For too long, what could only be deemed as adequate technology and capabilities have been the status quo in wealth management. Only now are we starting to realize the transformative potential of AI to drive advisor efficiency and deliver more value-add services to clients. The way Savvy Wealth integrates advisor and client needs into its product and engineering roadmap is highly impressive. I am proud to support its efforts to shape the future of wealth management.”
- Vamsi Yadlapati, an ex-partner at Focus Financial and current member of Savvy Wealth’s board of advisors
