Savvy, the next-generation wealth management firm that supercharges its wealth managers with enhanced software, sales and marketing automation, and back office servicing, announced today that it closed on $7.3M in seed funding co-led by Index Ventures and Thrive Capital.
Additional investors in the round include the founders of ICONIQ, Plaid, Instacart, Figma, Opendoor, Flexport, Newfront, and EPIQ, as well as Jordan Park, A* Capital, Box Group, Operator Partners, GFC, and more.
Savvy was formed to address the lack of technology adoption and fragmentation of services in the wealth management industry. Its purpose-built technology, including its easy-to-use digital platform, assists wealth managers to thrive in today’s market so they can better focus on growing their client base and assets under management while also revitalizing the experience they deliver to their end clients. Savvy’s holistic platform enables growth opportunities at every point for wealth managers, which allows them to be more efficient with their time and scale their revenue by up to four-times.
“We noticed that over the past decade, and specifically since the onset of the pandemic, that the wealth management industry was not embracing technology as quickly as the general public was,” says Ritik Malhotra, Co-Founder and CEO of Savvy. “A massive amount of wealth managers still don’t offer digital communication beyond email and still conduct financial planning manually. Our goal is to build a technology-powered wealth management firm where we equip our wealth managers with advanced tools and services to advance their business, broaden their client base, and allow them to spend more time with clients. This additional capital will let us expand our offerings to do just that.”
Savvy’s financing will be used to acquire wealth management firms, hire wealth managers, grow the product development team, and invest in research and development. Over the next year, the team will aim to expand its digital platform to further improve the quality of client service and wealth manager efficacy, as well as increase the total assets under management. As of today, Savvy’s client waitlist represents approximately $1B of assets.
“Savvy is leading the way on digitizing an industry that has historically struggled to keep up with evolving client needs,” explains Kareem Zaki, General Partner at Thrive Capital. “It is not a surprise that their all-in-one financial management platform is resonating so strongly with customers and quickly capturing the attention of the market.”
Mark Goldberg, Partner at Index Ventures, said, “We’re constantly on the lookout for innovative companies that are modernizing dated processes for the next generation. We’re glad to be a part of Savvy’s first funding round and looking forward to the expansion that it leads to.”
As Savvy grows, it plans to establish itself as an all-in-one technology-powered financial services firm by introducing a myriad of additional products including brokerage, banking, asset management, and financial products.