SMARTASSET RAISES $28 MILLION IN SERIES C FUNDING, DOUBLING ITS VENTURE CAPITAL BACKING

Company raises new capital to fuel continued growth of the new SmartAdvisor platform connecting investors with financial advisors

NEW YORK – June 20, 2018SmartAsset, the Internet’s most-viewed financial technology company helping people make smarter financial decisions, has raised $28 million in Series C funding.  The new investment comes from Focus Financial Partners (which is backed by Stone Point Capital and KKR), Javelin Venture Partners, TTV Capital, IA Capital, Contour Venture Partners, Citi Ventures and Fabrice Grinda, among others.  This increases the total funding in the company to more than $51 million.

SmartAsset plans to use the funding to further grow its audience, as well as expand its fast-growing SmartAdvisor platform, which matches consumers to financial advisors.

The six-year-old Y Combinator company provides personal finance information and tools to more than 45 million people each month.  Powered by proprietary Automated Financial Modeling software, SmartAsset’s tools, calculators, data-driven studies and educational content provide the web’s best personal finance resources, directly to consumers.

“This investment will accelerate our mission of becoming the web’s premier resource for personal finance tools and content. In doing so, SmartAsset will become the largest marketplace for investors trying to find financial advisors and advisors trying to meet new prospective clients,” said CEO and Co-Founder Michael Carvin. “We could not be happier to have the support of new and existing investors, bringing with them the expertise and acumen needed for us to accelerate our growth.”

“Financial advisors currently have no reliable, easy-to-use digital channels to grow their business.  We see a tremendous opportunity for SmartAsset to create the web’s first digital platform to help advisors add new clients in a profitable and scalable fashion,” said Rajini Kodialam, Co-Founder of Focus Financial Partners. “Given the size of SmartAsset’s audience, the SmartAdvisor platform clearly has the potential to meaningfully change how advisors approach marketing and business development in the digital age.”

SmartAsset has experienced rapid growth in the six years since its founding; over the past 12 months SmartAsset’s audience has grown by 90%. The company and its team have been the recipients of many industry recognitions and awards including the Webby Awards and Benzinga Fintech Awards. This year, the company became a six-time honoree of the Webby Awards and a finalist for the Benzinga Fintech Awards, and its Vice President of Content and Financial Education, AJ Smith, was named one of Folio’s Top Women in Media.