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Savvy Wealth completes $11m capital raise

By Edlyn Cardoza

November 14, 2022

  • AuM
  • Bny Mellon
  • Compliance
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Savvy Wealth, Financial Advisors, Human Financial Advice, AUM, Compliance, Thrive Capital, Plaid, Instacart, BNY Mellon, RIAs, USASavvy Wealth, a digital-first platform for financial advisors centered around modernising human, financial advice, announced that it has raised $11 million in Series A-1 funding led by The House Fund. Additional investors include Index Ventures and Thrive Capital, who also participated in its Seed round, and new investor Brewer Lane Ventures. The fresh capital demonstrates confidence in Savvy’s business model by new and existing investors, including founders of Plaid, Instacart, Figma, Opendoor, Flexport, and several other strategic partners.

“Next-generation investors demand a tech-forward, personalized relationship with their financial advisor,” said Jeremy Fiance, Managing Partner of The House Fund. “This is a first-class team and product set that we believe will transform how financial advisors grow their business and serve their clients.”

This raise brings Savvy to $18 million in new funding in less than a year, enabling the company to focus on developing modern software that promises to streamline and simplify marketing, compliance, and back-office operations for growth-minded financial advisors seeking to increase AUM. Savvy’s founding class of five financial advisors brings direct experience managing client assets at BNY Mellon, Merrill Lynch, Morgan Stanley, and independent RIAs across the country.

“Savvy exists with the sole purpose of empowering financial advisors to increase efficiency, scale revenue, and provide an unforgettable client experience,” said Ritik Malhotra, Co-Founder, and CEO of Savvy. “Today’s advisors still rely on antiquated processes and outdated technology that ultimately lead to subpar client experiences. We’ve built a platform that provides what we believe is the right mix of seamless technology and superior support that allows advisors to do what they do best: serve their clients’ unique needs.”

Recent research from Vanguard and Escalent revealed that 93% of investors prefer having a human advisor. By championing innovation in a space rife with manual processes and onerous compliance red tape, Savvy aims to modernise practice management and empower entrepreneurial financial advisors to build their businesses by providing an intentionally built, integrated technology platform that accelerates growth.

“Having spent more than two decades in the wealth management industry, I believe technology implementation will be a driver of success for financial advisors in the years to come,” said Eric Kirste, CFP®, CIMA®, AIF®, one of the initial five founding Principal Wealth Managers at Savvy. “Savvy truly understands the challenges in front of time-constrained advisors, and I’m excited to be a part of the modernization of financial advice.”

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