yorkbased smartasset 110m series capital 1b

NewYork-based SmartAsset raised $110M at a $1B Valuation

SmartAsset, the leading online platform for linking clients with financial advisers, revealed the completion of a $110 million Series D investment, valuing the business at over $1 billion. In addition to TTV Capital, other investors in the fundraising round included Javelin Venture Partners, Contour Venture Partners, Citi Ventures, New York Life Ventures, North Bridge Venture Partners, and CMFG Ventures. TTV Capital served as the round’s lead investor.                 

SmartAsset has increased revenue ten times since funding its Series C in June 2018 and is approaching $100 million in annual recurring income (ARR). The company’s alliance with LPL Financial, its one-millionth customer or advisor pairing on its SmartAdvisor system, a robust Live Connections deployment, and senior leadership have all occurred since the funding.

With its specialized tools, individualized calculators, and personal financial information, SmartAsset touches more than 100 million individuals each month. Additionally, the wealth management referral portal SmartAdvisor currently produces $1.5 billion in new, closed assets under management (AUM) each month from financial advisers and companies.

The founder and CEO of SmartAsset, Michael Carvin, stated that the company’s goal is to assist consumers in receiving better financial guidance. With this extra funding, we will increase our capacity to link customers with financial advisers across the United States and make more efforts to create the finest personal finance resource on the web.

SmartAsset intends to utilize the funds to enhance the user and match experiences for clients and financial advisers. The firm will achieve this by making investments in new product lines, technological infrastructure, and data collaborations. It will also keep rapidly expanding its workforce to support the company’s explosive expansion.

The startup helps advisers to expand their businesses while also assisting millions of consumers in making smarter financial decisions, according to Mark Johnson, Partner at TTV Capital.               

Lately, Forbes named SmartAsset among the “America’s Best Startup Employers in 2020” and Wealth & Finance International named it the “2021 Best Financial Planning Technology Company in New York.” SmartAsset was also named a Y Combinator “Top 100 Company” and a Webby honoree in the classification “Websites and Mobile Sites: Financial Services/Banking.”

SmartAsset now has 202 full-time workers, but it expects to increase that number by over 75% in 2021. SmartAsset’s only financial and legal advisors, Moelis & Company LLC and Cooley LLP, respectively.