Company revolutionizing tech-forward wealth management is poised to cross the $1 billion in AUM milestone later this year
Savvy Wealth, a digital-first platform for financial advisors centered around modernizing human financial advice, announced an additional $15.5 million funding round led by Canvas Ventures. This latest infusion of capital, which closes the company’s $26.5 million Series A round, will accelerate the development of its artificial intelligence (AI)-powered technology platform, expand its product and engineering teams, and recruit entrepreneurial advisors to its national affiliate registered investment advisor (RIA), Savvy Advisors (“Savvy”). The round also saw participation from existing and new investors, including Thrive Capital, Brewer Lane Ventures, Index Ventures, The House Fund and Alumni Ventures. Since its founding in 2021, Savvy Wealth has brought in over $33 million in venture capital backing.
“For too long, what could only be deemed as adequate technology and capabilities have been the status quo in wealth management. Only now are we starting to realize the transformative potential of AI to drive advisor efficiency and deliver more value-add services to clients”
“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,” said Rebecca Lynn, co-founder and general partner at Canvas Ventures. “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.”
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In less than two years, Savvy has grown its team to 30 advisors who manage over $700 million in client assets, and is poised to cross the $1 billion in assets under management (AUM) milestone this year with its current trajectory. According to a recent Fidelity report, one in six advisors have switched firms in the past five years, with the majority seeking an independent practice. Savvy Wealth has shown it can significantly enhance efficiency for independent advisors, cutting the time spent on non-revenue-generating middle and back-office tasks by up to 90 percent. Its all-in-one, integrated technology offering includes Co-Pilot (an AI-powered CRM), digital client onboarding, a fully embedded marketing and lead generation agency, and Savvy Wealth Investment Management, a proprietary investment management solution that helps automate tax loss harvesting, rebalancing and asset allocation.
“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,” said Ritik Malhotra, founder and CEO of Savvy Wealth. “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.”
The Savvy Wealth platform is rounded out by solutions coveted by high-net-worth investors, including personalized direct indexing, 401(k) account management, financial planning, tax preparation, alternative investments, estate planning, insurance and more.
“For too long, what could only be deemed as adequate technology and capabilities have been the status quo in wealth management. Only now are we starting to realize the transformative potential of AI to drive advisor efficiency and deliver more value-add services to clients,” said Vamsi Yadlapati, an ex-partner at Focus Financial and current member of Savvy Wealth’s board of advisors. “The way Savvy Wealth integrates advisor and client needs into its product and engineering roadmap is highly impressive. I am proud to support its efforts to shape the future of wealth management.”
Savvy Wealth’s leadership team includes top talent from leading technology firms, including Airbnb, Box, Brex, Doordash, Goldman Sachs, Square, and Robinhood, while its RIA affiliate has recruited experienced wealth managers from LPL Financial, Merrill Lynch, Morgan Stanley and several independent registered investment advisors across the country.
Savvy remains focused on onboarding experienced advisors, who receive equity ownership similar to tech industry employees and founders. The company is also recruiting tech and business development leaders to join its growing team.
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