Savvy Wealth has successfully closed a $26.5 million Series A funding round to revolutionize wealth management through advanced AI tools.

Date – 05-Aug-2024

The company, which is transforming tech-driven wealth management, is set to surpass the $1 billion milestone in assets under management (AUM) later this year.

Savvy Wealth, a trailblazer in modernizing wealth management with AI-driven technology, has successfully closed a $26.5 million Series A funding round. This round includes a new $15.5 million investment led by Canvas Ventures, alongside contributions from Thrive Capital, Brewer Lane Ventures, Index Ventures, The House Fund, and Alumni Ventures. With this fresh capital, Savvy Wealth aims to accelerate the development of its AI-powered platform, expand its product and engineering teams, and recruit entrepreneurial advisors to its affiliated registered investment advisor (RIA), Savvy Advisors.

Founded in 2021, Savvy Wealth has now attracted over $33 million in venture funding. The company has grown its team to 30 advisors, managing over $700 million in client assets, and is on track to surpass $1 billion in assets under management (AUM) this year.

Rebecca Lynn, co-founder and general partner at Canvas Ventures, praised Savvy Wealth’s innovative approach: “The wealth management industry has long needed real innovation. Savvy Wealth’s use of AI to streamline operations and enhance advisor efficiency is transformative. I’m excited to support Ritik Malhotra and his team, who have a proven record of scaling successful businesses.”

The Savvy Wealth platform includes features like Co-Pilot (an AI-powered CRM), digital client onboarding, a marketing and lead generation agency, and an investment management solution for automating tax loss harvesting, rebalancing, and asset allocation. The platform also offers services for high-net-worth clients, including direct indexing, 401(k) management, financial planning, and more.

Ritik Malhotra, founder and CEO of Savvy Wealth, emphasized the company’s mission: “As advisors seek independence, we offer them the technology needed to provide a modern, tech-driven experience. Our solutions enable advisors to focus on high-value activities and strengthen client relationships.”

Savvy Wealth’s team features talent from leading tech companies such as Airbnb, Box, and Brex, and its RIA affiliate is attracting experienced wealth managers from top firms like LPL Financial and Merrill Lynch. The company is actively recruiting both advisors and tech leaders to support its growth and mission.