![]() ![]() “Our mission is to help people get better financial advice. Moreover, financial advisors and companies on its SmartAdvisor platform accumulate $1.5 billion in new, closed assets under management (AUM) each month. Through its personal finance tools and personalized calculators, the fintech startup reaches over 100 million people on a monthly basis. The Series D funding comes after the startup company partnered up with LPL Financial and the launch of its Live Connections solution. Before this, the New York-based startup company last raised funds in June 2018, and the company’s revenue has grown by 10x since then, with nearly $100 million in annual recurring revenue (ARR). New funding takes SmartAsset’s business valuation to the unicorn territory at more than $1 billion. New Funding and Partnership to Help Fuel Sustainable Growth Other business investors that took part in the funding round are Javelin Venture Partners, Contour Venture Partners, Citi Ventures, Life Ventures, North Bridge Venture Partners, and CMFG Ventures. With a Series D under its belt, SmartAsset is working on taking out the bias from personal finance – while it itself is a case study in how overlooked founders, which routinely suffer from this exact phenomenon, continue to lead strong businesses.Fintech startup company SmartAsset announced today it raised $110 million in a Series D business funding round led by TTV Capital. ![]() HBCUvc and Google for Startups also announced this month two separate efforts to provide non-dilutive capital to early-stage, underrepresented founders. “I hope seeing more successful Black founders inspires more people of color to start companies so that one day this is not news,” Carvin told TechCrunch.Ī number of Black-led venture capital firms have closed investments in the past year, which could change this number, including Collab Capital’s $50 million investment vehicle, Harlem Capital, which closed a $134 million seed fund earlier this year Cleo Capital, which set a $20 million target for Fund II and MaC VC, which landed $103 million for its inaugural fund. Crunchbase estimates that in 2020, 1% of total venture capital funding, or $1 billion, went to this cohort of founders. While exciting, the unfortunate rarity of Black-led unicorns is a symptom of historical underfunding in Black or African-American startup founders. Others include Compass CEO and founder Robert Reffkin, whom we recently profiled here, and Calendly CEO and founder Tope Awotona, who we have also profiled. The company claims that, with today’s news, co-founder Michael Carvin now becomes the third Black founder and CEO of a company valued at over $1 billion. The funding and its flashy valuation comes with a certain weight, even in the growing world of unicorn companies. by providing an incredibly valuable resource for both consumers and financial advisors alike.” TTV Capital Partner Mark Johnson said the company “is quickly expanding its lead in one of the largest markets in the U.S. It also plans to boost its current headcount of 202 by more than 75% this year. The company plans to use the new capital to invest in new product offerings, technology infrastructure and data partnerships. Image Credits: SmartAsset CEO and co-founder Michael Carvin / SmartAsset Also in 2020, SmartAsset says it referred $10 billion in new, closed assets under management (AUM) to financial advisors and firms across the U.S. It recently made its one millionth consumer/advisor match on its SmartAdvisor platform. Since then, it says it has grown revenue “by 10 times” and is now on the cusp of reaching $100 million in ARR (annual recurring revenue). The company last raised in June of 2018 – a $28 million Series C led by Focus Financial Partners. TTV Capital led SmartAsset’s Series D, which also included participation from Javelin Venture Partners, Contour Venture Partners, Citi Ventures, New York Life Ventures, North Bridge Venture Partners and CMFG Ventures. The financing values New York-based SmartAsset at over $1 billion, and brings its total raised since its 2012 inception to just over $161 million, according to Crunchbase. ![]() SmartAsset, a marketplace that connects consumers to financial advisors, announced today that it has raised $110 million in a Series D round of funding. ![]()
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