SmartAsset Rethinks Financial Advisory and Becomes a Unicorn in the Process

SmartAsset Rethinks Financial Advisory and Becomes a Unicorn in the Process

SmartSet, a marketplace that connects customers with financial advisors, announced today that it has raised $110 million to fund the Series D round. The funding valued New York-based SmartSet at more than $1 billion, bringing the total rose since 2012 to over $161 million, according to Crunchbase.

Led by TTV Capital, SmartSet’s Series D included Javelin Venture Partners, Contour Venture Partners, City Ventures, New York Life Ventures, North Bridge Venture Partners, and CMFG Ventures. The company was last raised in June 2018 – a $28 million Series C led by Focus Financial Partners. Since then, it says it has increased revenue by “tenfold” and is now moving towards reaching ARR (annual recurring earnings) of $100 million. It recently matched its one millionth customer / advisor on its SmartAdvisor platform.

Also in 2020, SmartAsset said it had allocated $10 billion in management advisory (AUM) to financial advisors and firms in the United States. In addition to teaming up with consumers with its automated financial modeling software, SmartAsset claims to reach more than 100 million people each month with its personal money content, tools and “personalized” calculators.

Prior to starting the company, he worked at Carvin Finance. In an interview with Y Combinator (one of its supporters), how did he manage to join the military in search of a smart asset with Philip Camillary because of his frustration with information about buying a home and getting a mortgage “that was useful, accurate and neutral”? “The calculators had obvious flaws and the content looked like it was written by all the people who wanted me to figure out the biggest mortgage,” he added. So the pair launched SmartAsset to provide tools and materials to help them make better decisions about retirement, taxes, savings, home ownership and insurance.

The company plans to use the new capital to invest in new product offers, technology infrastructure and data sharing. It plans to increase its current headcount of 202 by more than 75% this year. Mark Johnson, TTV Capital Partner, says the company is rapidly expanding its leadership in one of the largest markets in the United States, providing incredibly valuable assets for both consumer and financial advisors.”

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