New York-based Savvy Wealth, which runs a platform for financial advisors, has closed a $72 million Series B funding round led by Industry Ventures, which has offices in Washington, D.C. and Boston. The company has so far raised over $100 million.
New investors joining the round included Cambridge, Mass.-based Vestigo Ventures, which was founded by former LPL Financial CEO Mark Casady, and New York’s Euclidean Capital. Existing investors include Australia’s Canvas Ventures, New York-based Thrive Capital, The House Fund, Boston’s Brewer Lane Ventures and former Focus Financial executive Vamsi Yadlapati. Subsequent to the Series B, Casady joined Savvy’s board.
“AI is disrupting financial advice, but not in the way that many have predicted. Rather than replacing advisors, it’s amplifying their ability to deliver highly personalized and deeply human client experiences,” said Savvy founder and CEO Ritik Malhotra, a Thiel Fellow who has previously run a startup, besides briefly working at X (formerly Twitter) and chipmaker Intel.
“At Savvy, we’re embedding AI inside the core of our CRM and advisor-facing tech stack to ‘10x’ their capabilities – unlocking predictive, real-time insights that strengthen human relationships,” said Malhotra, who holds a BS degree in Electrical Engineering and Computer Science from University of California, Berkeley.
Savvy said its platform recently surpassed $2 billion in assets under management across its advisor users. Advisors on the platform provide personalized investment management with direct indexed portfolios, 401(k) account management, estate plan modeling, financial planning, tax preparation and filing, high-yield cash management, alternative investments, insurance and other services.
Citing industry data from Carta, Savvy says it is in the top decile for speed between Series A and B funding rounds. It closed its Series A in August 2024. It also claimed a banner year, marked by “exponential growth and the onboarding of top advisors, advisory teams and executive talent.” Savvy said it added nearly $500 million this year, with assets under management growing 500% since the beginning of 2024.
“The growing tailwinds for digital transformation and generative AI, paired with Ritik’s experience and grit as a technology entrepreneur, is a perfect fit for our mandate at Industry Ventures,” said Brian Langner, managing director at Industry Ventures. “We believe that Savvy’s purpose-built technology, vision to supercharge advisor productivity and talented leadership team will forge the future of wealth management.”
Over the past year, Savvy has strengthened its leadership. It brought in former Carta Chief Technology Officer Eric Hurkman with the same title, David Weiner, a senior executive at Compass, as chief growth officer, and Lisandra Wilmott, who was formerly general counsel of the multi-family office Pathstone, as head of Legal & Compliance. Savvy said it would use the new funds to accelerate its core technology, hire more technical talent, and expand recruitment of independent advisors and advisory teams to its affiliate registered investment advisor (RIA), Savvy Advisors.
Vestigo Ventures’ Casady said Savvy is driven by a “deep commitment” to help advisors deliver better, personalized, more impactful advice.
“Throughout my decades in the industry, I’ve come to realize the power of building a firm around the needs of advisors — and how transformational that model can be at scale,” he said. “I’m looking forward to working alongside the leadership team at Savvy, applying my learnings to further advance the firm’s tech-forward, human-led approach.”
