Wealthtech firm Savvy, which provides software, sales, and marketing automation, and back office servicing to wealth firms, has secured $7.3m in seed funding.
Co-led by Index Ventures and Thrive Capital, the funding round was joined by Jordan Park, A* Capital, Box Group, Operator Partners, and GFC.
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Other additional investors in the round included founders of Plaid, ICONIQ, Instacart, Opendoor, Figma, Flexport, Newfront, and EPIQ.
Savvy was founded by Ritik Malhotra and Muller Zhang with the aim of driving technology adoption and eliminating service fragmentation in the wealth management space.
Its platform enables wealth managers to grow client base and assets under management and increase revenues while enhancing the experience for clients.
The new capital infusion will fund Savvy’s plan to buy wealth management firms, add new wealth managers, and bolster its product development team.
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By GlobalDataAdditionally, the firm plans to invest in research and development.
Savvy co-founder and CEO Malhotra said: “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 aims to further develop its digital platform over the next year to enhance wealth manager efficacy and client service quality and the seed funding can only help.
The firm, whose client waitlist currently represents approximately $1bn of assets, also beef up its total assets under management (AUM) through the next year.
In the future, Savvy plans to introduce a range of additional offerings, including brokerage, banking, asset management, and financial products, and establish itself as an ‘all-in-one technology-powered financial services firm’.
Thrive Capital general partner Kareem Zaki said: “Savvy is leading the way on digitising an industry that has historically struggled to keep up with evolving client needs.
“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.”
