Wealthtech firm Savvy Wealth, which offers digital-first solutions to financial advisors, has secured an investment of $11m in a Series A-1 funding round.

Led by The House Fund, the round was joined by the company’s existing investors Index Ventures and Thrive Capital, along with new investor Brewer Lane Ventures.

The fundraising comes shortly after the company raised $7.3m in seed funding in February this year.

It has increased the total amount of investment secured by Savvy in less than a year to $18m.

The fresh infusion will be used by Savvy to further develop new software that allows financial advisors to consolidate and simplify marketing, compliance, and back-office activities.

Savvy co-founder and CEO Ritik Malhotra said: “Savvy exists with the sole purpose of empowering financial advisors to increase efficiency, scale revenue, and provide an unforgettable client experience.

“Today’s advisors still rely on antiquated processes and outdated technology that ultimately lead to subpar client experiences.

“We’ve built a platform that provides what we believe is the right mix of seamless technology and superior support that allows advisors to do what they do best: serve their clients’ unique needs.”

In the next few months, Savvy plans to add a host of new financial advisors to its platform as well as introduce its direct-to-consumer acquisition model for high-net-worth individuals and families.

Savvy principal wealth manager Eric Kirste said: “Having spent more than two decades in the wealth management industry, I believe technology implementation will be a driver of success for financial advisors in the years to come.

“Savvy truly understands the challenges in front of time-constrained advisors, and I’m excited to be a part of the modernization of financial advice.”