TLDR:
– Ritik Malhotra founded Savvy Wealth after leaving Brex in 2021, raising $26.5 million in Series A funding.
– Savvy is focused on helping financial advisors adopt tech to improve client communications.
Ritik Malhotrai left Brex in 2021 after selling his previous company to the fintech unicorn. This marked his third startup venture at only 29 years old. His company, Savvy Wealth, aims to provide a platform to make it easier for financial advisors to run their businesses independently. Recently, Savvy closed its Series A funding round at $26.5 million, with Canvas Ventures leading the additional $15.5 million raised. Existing investors like Thrive Capital and Index Ventures also participated, bringing Savvy’s total funding to over $33 million.
Savvy’s goal is simple yet innovative – to help financial advisors leverage technology for better client communication and provide tools that save time and streamline processes for both advisors and clients. By focusing on improving the advisor-client relationship through tech, the company has seen substantial growth and success in a challenging fintech landscape.
Canvas Ventures’ general partner, Rebecca Lynn, emphasized the importance of understanding advisors’ challenges and consumer needs before diving into solutions. This approach, along with a considerable amount of research and real-world traction, contributed to Savvy’s ability to raise funds successfully during a period of market volatility.
Even amid a tough fintech climate, Savvy has managed to thrive by staying focused on the resilient financial advisor business. Malhotra stresses the company’s agnosticism towards market swings, showcasing a unique capability to perform well regardless of market conditions. With a vision to build a billion-dollar business and potentially go public in the future, Savvy Wealth continues to push forward with its innovative platform and dedication to improving the financial advisory sector.
