Savvy Wealth raises $15.5 million

Wealth management startup Savvy Wealth has raised an additional $15.5 million as part of its Series A round, bringing the total raised to $26.5 million. The round was led by Canvas Ventures with participation from existing and new investors including Thrive Capital, Brewer Lane Ventures, Index Ventures, The House Fund and Alumni Ventures.

Founded in 2021, the NY-based startup targets financial advisors with an integrated technology platform and sales and marketing automation. In less than two years, Savvy has grown its team to 30 advisors who manage over $700 million in client assets.

The startup also targets consumers with a variety of services and products such as financial planning, tax preparation, alternative investments, estate planning, and insurance.

“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.