SmartAsset, a technology platform that provides instant, personalized answers to complex financial questions, today announced that the company has closed $5.2 million in a Series A financing round led by Javelin Venture Partners.
Additional participants in this round of funding include Denis Grosz, SV Angel and Brendan Wallace, founder of Identified.
Launched in 2012, consumers have flocked to SmartAsset's home buying, refinancing, student loan, insurance, retirement and credit card solutions at an extraordinary pace. It is the first personal finance solution that applies powerful financial modeling technology to bring complete transparency to major financial decisions. SmartAsset will leverage this investment to further expand and improve its solution, grow its team and increase current marketing efforts.
"The accuracy and user experience of SmartAsset's tools go way beyond existing resources for financial advice, and their user engagement only confirms the demand for better financial guidance. We're very excited to support their work," said Jed Katz of Javelin Venture Partners, who also serves on the Board of SmartAsset.
With its new funding, SmartAsset plans to expand its team and product capabilities to give users more control of their financial decisions and futures. By year's end, SmartAsset plans to grow the New York-based team by close to a dozen new employees and will be releasing key product components to provide consumers with even more insight into their financial decisions.
"Approximately 70 percent of people report financial decisions as a source of stress. SmartAsset was designed to eliminate that stress through a highly personalized automated decision-making tool," said Michael Carvin, CEO and founder at SmartAsset. "Our dramatic growth proves that better financial advice, and specifically a solution like SmartAsset, is urgently needed. We continue to grow our active user base at a rate of close to 30 percent month-over-month. With this influx of capital, we will be able to expand the team and add new features that we expect to further accelerate growth."
The personal finance platform from SmartAsset was designed to empower people wiith highly personalized information and recommendations around major financial decisions. What launched as a tool for home buying quickly expanded to help consumers make smarter decisions around life insurance, retirement, student loans, refinancing and credit cards. SmartAsset currently helps people answer 79 of life's most challenging financial questions.