SmartAsset enters unicorn club with plans to boost its marketplace for financial advisors

FinTech platform that helps individuals connect with financial advisors SmartAsset secured a $110m investment in a Series D round led by TTV Capital that takes SmartAsset’s valuation to more than $1bn.

Also participating in the round were Javelin Venture Partners, Contour, Citi Ventures, New York Life Ventures, North Bridge Venture Partners and CMFG Ventures.

The financing, which comes after a $28m Series C led by Focus Financial Partners in June 2018, brings its total raised since its 2012 inception to just over $161m.

The startup company plans to use the fresh business funding to enhance user and matching experience for its customers and financial advisors. The aim is to broaden its product offerings and make new investments in the new technology and data partnerships to drive sustainable business growth.  It also plans to boost its current headcount of 202 by more than 75% this year.

SmartAsset reaches more than 100 million people monthly through its personal finance content, tools and calculators, while its referral platform, SmartAdvisor, generates $1.5bn in new, closed assets under management per month.

In April 2020, the startup introduced “Live Connections,” a new solution that allows financial advisers to connect with clients over the phone. This business service can be used by all certified financial advisors, Registered Investment Advisors (RIAs), and Advisory firms across the US on the SmartAdvisor platform. This feature will help financial advisers “cut through the noise” as it allows them to instantly connect with validated high-intent business investors, it said.

Its revenue grew “by ten times” since inception and is now on the cusp of reaching $100m in annual recurring revenue. It recently made its one-millionth consumer/advisor match on its SmartAdvisor platform.

Commenting on the funding, SmartAsset founder and CEO Michael Carvin said, “With this additional capital we are going to make further investments in building the web’s best personal finance resource and enhancing our ability to connect consumers to financial advisors across the US.”

TTV Capital Partner Mark Johnson said, “SmartAsset is quickly expanding its lead in one of the largest markets in the U.S. by providing an incredibly valuable resource for both consumers and financial advisors alike. The company helps millions of people make better financial decisions while simultaneously enabling advisors to grow their business.”

SmartAsset began the year by announcing Firoze Lafeer as its new Chief Technology Officer. The company made another addition to its C-suite in April when it hired James Kennedy as its Chief Compliance Officer and Director of Legal.

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