SmartAsset Raises $28M Series C

SmartAsset, the financial technology company helping people make smarter financial decisions, has raised $28m in a Series C round. The new investment comes from Focus Financial Partners (which is backed by Stone Point Capital and KKR), Javelin Venture Partners, TTV Capital, IA Capital and Citi Ventures, among others. This increases the total funding in the company to more than $51M.

The six-year-old Y Combinator company provides personal finance information and tools to more than 45 million people each month. Powered by proprietary Automated Financial Modeling software, SmartAsset’s tools, calculators, data-driven studies and educational content provide the web’s best personal finance resources, directly to consumers.

“This investment will accelerate our mission of becoming the web’s premier resource for personal finance tools and content. In doing so, SmartAsset will become the largest marketplace for investors trying to find financial advisors and advisors trying to meet new prospective clients. We could not be happier to have the support of new and existing investors, bringing with them the expertise and acumen needed for us to accelerate our growth.” – cofounder and CEO, Michael Carvin.

“Financial advisors currently have no reliable, easy-to-use digital channels to grow their business. We see a tremendous opportunity for SmartAsset to create the web’s first digital platform to help advisors add new clients in a profitable and scalable fashion. Given the size of SmartAsset’s audience, the SmartAdvisor platform clearly has the potential to meaningfully change how advisors approach marketing and business development in the digital age.” – cofounder of Focus Financial Partners, Rajini Kodialam.

SmartAsset has experienced rapid growth in the six years since its founding; over the past 12 months SmartAsset’s audience has grown by 90%.

Bottom Line: Transamerica Ventures and New York Life Ventures are backers.