Total amount raised
$19.6 Millions
Latest funding date
9/1/2016
Location
SmartAsset has successfully raised significant funding over multiple rounds, achieving a valuation exceeding $1 billion. The platform offers a range of financial tools and services, including connecting users with vetted financial advisors.
Keep reading to explore the intricacies of SmartAsset's fundraising journey and the investors backing this innovative platform.
What Is SmartAsset?
SmartAsset, founded in 2012 by Michael Carvin and Philip Camilleri, is based in New York City. The company specializes in providing consumer-focused financial advice and tools, including the SmartAdvisor marketplace, which connects users with vetted financial advisors.
With a team of 251-500 employees, SmartAsset offers a range of online calculators and resources to assist with financial decisions related to taxes, home buying, banking, and more. Their mission is to empower users to make informed financial choices through educational content and personalized tools.
SmartAsset's platform is designed to simplify complex financial decisions, making it easier for consumers to navigate their financial futures. The company's innovative approach has positioned it as a leader in the financial technology space.
How Much Funding Has SmartAsset Raised?
- Seed Round
- Amount Raised: $900K
- Date: August 2012
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To kickstart the development of SmartAsset's financial tools and services.
- Seed Round
- Amount Raised: $1.5M
- Date: October 2012
- Lead Investors: Javelin Venture Partners, North Bridge Venture Partners & Growth Equity
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To further develop and expand the platform's capabilities.
- Series A
- Amount Raised: $5.2M
- Date: March 2014
- Lead Investors: Javelin Venture Partners
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To scale the platform and enhance user experience.
- Venture Round
- Amount Raised: $3.8M
- Date: March 2016
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To support ongoing growth and development.
- Series B
- Amount Raised: $12M
- Date: September 2016
- Lead Investors: IA Capital Group
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To expand the SmartAdvisor platform and increase market reach.
- Series C
- Amount Raised: $28M
- Date: June 2018
- Lead Investors: Focus Financial Partners
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To build public profiles of wealth managers and create the SmartAdvisor lead generation tool.
- Series D
- Amount Raised: $110M
- Date: June 2021
- Lead Investors: TTV Capital
- Valuation at Round: Over $1 billion
- Motivation Behind the Round: To improve user and matching experiences, develop new product offerings, and scale employee headcount.
- Secondary Market
- Amount Raised: Not publicly disclosed
- Date: August 2021
- Lead Investors: FJ Labs
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To provide liquidity to early investors and employees.
Total Amount Raised: $160.4M
Current Valuation: Over $1 billion
Key Investors
- TTV Capital
- Details: TTV Capital is a venture capital firm that focuses on early-stage investments in fintech and financial services. They have a strong track record of supporting innovative companies in the financial technology sector.
- Investment Focus Areas: Fintech, financial services, technology.
- Notable Investments: Greenlight, Cardlytics, SmartAsset.
- Javelin Venture Partners
- Details: Javelin Venture Partners is an early-stage venture capital firm that invests in technology companies. They are known for their hands-on approach and support for portfolio companies.
- Investment Focus Areas: Early-stage technology, consumer internet, enterprise software.
- Notable Investments: MasterClass, Thumbtack, SmartAsset.
- Contour Venture Partners
- Details: Contour Venture Partners focuses on seed and early-stage investments in technology companies. They aim to partner with entrepreneurs to build market-leading companies.
- Investment Focus Areas: Seed-stage technology, fintech, enterprise software.
- Notable Investments: BounceX, Datadog, SmartAsset.
- Citi Ventures
- Details: Citi Ventures is the venture capital arm of Citigroup, investing in high-growth startups. They focus on companies that can leverage Citi's global network and expertise.
- Investment Focus Areas: Fintech, data analytics, enterprise solutions.
- Notable Investments: Plaid, Betterment, SmartAsset.
- New York Life Ventures
- Details: New York Life Ventures is the corporate venture capital arm of New York Life Insurance Company. They invest in startups that align with their strategic interests in financial services and technology.
- Investment Focus Areas: Fintech, insurtech, health tech.
- Notable Investments: Trifacta, Vestwell, SmartAsset.
What's Next for SmartAsset?
SmartAsset stands at the cusp of significant growth opportunities, driven by the increasing demand for digital financial advice and tools. With over 100 million monthly users and financial advisors generating $1.5 billion in new assets under management each month, the potential for expansion is vast. The company plans to enhance its SmartAdvisor platform, improve user experiences, and introduce new product offerings, all while scaling its workforce to support these initiatives.
Future fundraising rounds seem likely as SmartAsset continues to grow, potentially attracting more investors to support its ambitious plans. However, the company faces challenges such as maintaining service quality while scaling, staying competitive in a crowded market, and ensuring data security. Navigating these hurdles will be crucial for SmartAsset's sustained success and continued innovation in the financial technology space.
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