Savvy Raises Seed Funding to Build Next-Gen Wealth Management Firm

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NEW YORK–(BUSINESS WIRE)–Clever, the next-generation wealth management company that supercharges its wealth managers with enhanced software, sales and marketing automation and back-office services, announced today that it has closed a financing of $7.3 million startup co-led by Index Ventures and Thrive Capital. Other investors in the round include 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 created to address the lack of technology adoption and service fragmentation in the wealth management industry. Its purpose-built technology, including its easy-to-use digital platform, helps wealth managers thrive in today’s market so they can better focus on growing their client base and assets under management while revitalizing the experience they offer to their end customers. Savvy’s holistic platform provides growth opportunities at every stage for wealth managers, allowing them to be more efficient with their time and increase revenue up to four times.

“We have noticed that over the past decade, and especially since the onset of the pandemic, the wealth management industry is not adopting technology as quickly as the general public,” says Ritik Malhotra, co- founder and CEO of Savvy. “A significant number of wealth managers still don’t offer digital communication beyond email and still do financial planning manually. Our goal is to build a technology-driven wealth management company where we equip our wealth managers with advanced tools and services to grow their business, expand their client base and allow them to spend more time with clients. This additional capital will allow us to expand our offerings to achieve this. »

Savvy’s funding will be used to acquire wealth management companies, 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 efficiency of wealth managers, as well as increase total assets under management. To date, Savvy’s client backlog represents approximately $1 billion in assets.

“Savvy is leading the way in digitizing an industry that has historically struggled to keep up with changing customer needs,” said Kareem Zaki, general partner at Thrive Capital. “It’s no surprise that their all-in-one financial management platform is resonating so strongly with customers and quickly capturing market attention.”

Mark Goldberg, Partner at Index Ventures, said, “We are constantly on the lookout for innovative companies that modernize outdated processes for the next generation. We are pleased to be part of Savvy’s first round of funding and look forward to the expansion that will follow. »

As it grows, Savvy plans to establish itself as an all-in-one technology-based financial services company by introducing a myriad of additional products including brokerage, banking, asset management and financial products. To learn more about the company and stay informed of new offers, visit www.savvywealth.com.

About Savvy

Savvy is the next-generation wealth management company that supercharges its wealth managers with enhanced software, sales and marketing automation, and back-office services. His team is dedicated to providing growth opportunities for wealth managers by creating software that drives automation and efficiency so that wealth managers can have more bandwidth to focus on services at the customers and revenue growth. Savvy was founded by Ritik Malhotra and Muller Zhang who bring over a decade of experience in starting, growing and selling technology companies. For more information, please visit https://www.savvywealth.com.

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