SmartAsset, a personal finance support tool, has closed its Series C on $28m, with Focus Financial Partners leading the round.
Other participants to the round included Javelin Venture Partners, TTV Capital, IA Capital and Citi Ventures, among others. This line of funding will fuel the growth of the platform.
The transaction sees Focus Financial Partners take a majority stake in SmartAsset and marks the firm’s first direct investment into FinTech.
New York-based SmartAsset connects users with financial advisors and provides tools to support financial decisions for the future like home buying and retirement. Its automated personalised financial tools help consumers to find the best mortgage, calculate taxes, prepare for retirement, calculate savings, compare saving and checking accounts, compare credit cards, and access investment support.
Through the platform, users can also compare life insurance quotes, refinance, personal loans and student loans.
Founded in 2012, SmartAsset is a Y Combinator company and services more than 45 million people a month, according to the company.
Focus founder and CEO Rudy Adolf said, “SmartAdvisor is an innovative platform that delivers customized and qualified client leads to fiduciary financial advisors. A scalable approach to digital client acquisition is an important lever for the wealth management industry and we believe that SmartAsset has the widest reach and the most advanced capabilities in this space.”
The company’s Series B round closed on $12m in 2016 and picked up commitments from IA Capital Group, TV Capital, Contour Ventures, Javelin Venture Partners, New York Life, Transamerica Ventures and Fitz Gate Ventures.
As part of the transaction, Focus Financial co-founder Rajini Kodialam and principal Eric Amar will join SmartAsset’s board as a member and observer, respectively.
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