Savvy Wealth continues on growth path with $15.5M infusion
Digital-first financial advisory platform Savvy Wealth is ready to enter the next phase of its growth story as it receives an additional multimillion-dollar capital infusion.
The company’s latest $15.5 million funding round led by Canvas Ventures announced Monday morning marks the completion of its $26.5 million Series A funding round, which was kicked off initially by an investment from UC Berkley-backed VC firm The House Fund.
With that investment, Savvy Wealth aims to bolster its AI-powered technology platform, expand its product and engineering teams, and recruit more advisors to its national affiliate RIA, Savvy Advisors.
The funding round – which also saw participation from Thrive Capital, Brewer Lane Ventures, Index Ventures, The House Fund, and Alumni Ventures – brings Savvy Wealth’s total venture capital backing to over $33 million since its inception in 2021.
Rebecca Lynn, the serial wealth tech entrepreneur who’s also a co-founder and GP at Canvas Ventures, sees the wealth industry as a staid arena “in need of real innovation.”
“Following investments I made in Future Advisor (acquired by BlackRock) and Check (acquired by Intuit), I’ve been waiting to see a company like Savvy Wealth, where AI technology minimizes operational overhead for investment advisors, who are weighed down by archaic processes and mountains of administrative work,” said Rebecca Lynn, co-founder and general partner at Canvas Ventures, in a statement Monday.
Savvy Wealth has rapidly expanded since inception, growing its team to 30 advisors managing over $700 million in client assets within two years. After Savvy Advisors quintupled its AUM during the 12-month period between June 2023 and June 2024, the firm is on pace to surpass $1 billion
Read more on investmentnews.com
