Savvy Wealth, a New York startup developing technology to help investment advisors, has raised $26.5 million in a Series A funding round led by West Coast firm Canvas Ventures.
Boston-based Brewer Lane Ventures, Manchester, N.H.-based Alumni Ventures, New York’s Thrive Capital, London’s Index Ventures and Berkeley, Calif.-based The House Fund also participated. So far, the company has raised $33.8 million from investors.
Three-time Entrepreneur
“The human relationship between advisors and their clients is what matters most…we empower advisors with purpose-built technology to transform client relationships and scale their practices exponentially,” said Savvy founder and CEO Ritik Malhotra, a three-time entrepreneur.
According to Wealth Management, Malhotra was 11 years old when he started a small business developing turnkey web apps. “Before he turned 19, he worked project-based engineering jobs with Intel and Twitter. And by the time he was able to legally drink, he had launched his first full-scale technology start-up,” it added.
An electrical engineer, with a degree from University of California, Berkeley, Malhotra co-founded blockchain-based Elph, which was acquired by fintech Brex, and Streem, which he sold to online storage provider Box. When building Streem, Malhotra was admitted to Y Combinator. He also won a $100,000 entrepreneurial grant from the Thiel Foundation.
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Eyeing $1 Billion Mark
In a LinkedIn post, Malhotra said Savvy has over 30 “exceptional financial advisors managing $700M+ in client assets.” The company plans to use the new funds to accelerate development of its tech platform and expand its marketing and engineering teams.
Rebecca Lynn, general partner and cofounder at Canvas Ventures, told Fortune she expects Savvy to exceed $1 billion in assets under management by the end of the year, representing “5x growth since she first got in touch with them.” Malhotra told the business publication he decided to try “one more swing” at entrepreneurship with the hope that “one day we take it public.”
Besides building a decentralized, AI-enabled technology platform for registered financial advisors, Savvy has built a network of financial professionals who offer a wide range of personalized financial planning services. They include retirement planning, estate planning, tax strategy, alternative investments, direct indexing and net worth tracking. Malhotra says the company’s technology-enabled solutions eliminate the “painful middle and back-office tasks and workflows that take away precious time from financial advisors.”
