The digital wealth management platform Savvy Wealth announced $15.5 million in new funding to close its $26.5 million Series A round. Investors include Thrive Capital, the venture capital firm founded by Joshua Kushner of the New York-area Kushner real estate family.
Savvy has a team of 30 financial advisers who manage more than $700 million in assets from high-net-worth investors registered on its platform. The company’s latest funding round was led by Canvas Ventures with additional participation from Brewer Lane Ventures, Index Ventures, The House Fund and Alumni Ventures.
Technology features offered by Savvy include its AI-powered customer relationship management system called Co-Pilot, digital client onboarding, personalized direct indexing, 401(k) account management, tax preparation, alternative investments, estate planning and insurance services.
“As advisers increasingly pursue independence, we see a strong opportunity to partner with those who want to provide their clients with a modern, tech-driven experience,” said Ritik Malhotra, founder and CEO of Savvy Wealth. “We empower advisers with purpose-built technology to transform their client relationships and scale their practices exponentially.”
Also Monday, The Wall Street Journal reported that Thrive Capital had raised $5 billion for new AI-focused venture funds. Thrive has previously invested in notable companies such as OpenAI, Instagram and Slack as well as fintech startups Stripe, Plaid and Robinhood.