SmartAsset raises $110 million
Financial education website SmartAsset announced that it has closed a $110 million Series D round, valuing the company at over $1 billion. The financing round was led by existing investor TTV Capital with participation from Javelin Venture Partners, Contour Venture Partners, Citi Ventures, New York Life Ventures, North Bridge Venture Partners, and CMFG Ventures.
Since raising its Series C in June of 2018, SmartAsset has grown revenue by 10 times and is on the cusp of $100 million in annual recurring revenue (ARR). SmartAsset reaches more than 100 million people each month through its personal finance content, custom tools and personalized calculators. In addition, financial advisors and firms on its wealth management referral platform, SmartAdvisor, now generate $1.5 billion in new, closed assets under management (AUM) per month.
“Our mission is to help people get better financial advice. With this additional capital we are going to make further investments in building the web’s best personal finance resource and enhancing our ability to connect consumers to financial advisors across the U.S.” – Michael Carvin, Founder and CEO of SmartAsset.
With this funding, SmartAsset plans to invest in improving the user and matching experiences for both consumers and financial advisors. “SmartAsset is quickly expanding its lead in one of the largest markets in the U.S. by providing an incredibly valuable resource for both consumers and financial advisors alike. The company helps millions of people make better financial decisions while simultaneously enabling advisors to grow their business.” -Mark Johnson, Partner at TTV Capital.