Technology-enabled wealth management services provider Savvy Wealth has announced that it raised an additional USD 15.5 million in funding in a Series A round. Closing Savvy’s USD 26.5 million Series A round, the current capital injection is set to accelerate the development of the company’s artificial intelligence-enabled technology platform, while also expanding its product and engineering teams.

In addition, the firm plans to leverage the funds to recruit entrepreneurial advisors to its national affiliate registered investment advisor (RIA), Savvy Advisors. Led by Canvas Ventures, the funding round saw participation from existing and new investors, including Thrive Capital, Brewer Lane Ventures, Index Ventures, The House Fund, and Alumni Ventures. According to Canvas Ventures’ officials, the decision to invest in Savvy can be attributed to the need for optimising wealth management services and the firm’s capabilities to minimise operational overhead for advisors, who are currently facing archaic processes and substantial administrative work.

Savvy’s features and offering Through its solutions, Savvy works towards improving efficiency for independent advisors, minimising the time spent on non-revenue-generating middle and back-office tasks. The company’s integrated technology offering includes Co-Pilot, digital client onboarding, an embedded marketing agency, and Savvy Wealth Investment Management. As an investment management solution, the latter aims to support the automation of tax loss harvesting, rebalancing, and asset allocation.

Additionally, the Savvy Wealth platform provides personalised direct indexing, 401(k) account management, financial planning, tax preparation, alternative investments, estate planning, and insurance, among others. Furthermore, Savvy is committed to optimising the wealth management industry by integrating technology with human-centric advisory services. The company intends to further improve wealth management with solutions that are easily integrated, customised, and focused on delivering enhanced client experiences. Also, through its technology-enabled wealth management products, Savvy aims to simplify financial advisory practice operations including CRM, back-office tasks, client services, and marketing workflows.

Savvy mentions that by automating procedures, users can benefit from accelerated onboarding of new accounts, generation of client financial strategy recommendations, and efficient delivery of financial planning services. .