SmartAsset raises $900k

Source: SmartAsset

SmartAsset, a company that helps people make better financial decisions, today released its latest user figures including over 14,000 people using the platform after its initial launch three weeks ago.

Backed by Y Combinator, Quotidian Ventures, and New York and Silicon Valley-based angels, SmartAsset also announced $900,000 in seed funding. Finally, the company released a significant update to its financial Decision Engine that empowers everyday people to make their most important financial decisions.

"We are thrilled to see everyday people finding value in SmartAsset, and the positive feedback over the past three weeks has been unbelievable," said Michael Carvin, chief executive officer and co-founder of SmartAsset. "The message is clear: consumers need help making tough financial decisions. We will continue to innovate on our platform to simplify challenging financial questions like whether it's best to rent or buy a house, when go back to school or when to retire."

SmartAsset's Growing Market Momentum

Since its initial launch on July 24, 2012, SmartAsset's user base has grown exponentially. The company has developed a broad user base across all 50 states and a wide range of demographics. Over 14,000 people have built financial profiles to help them make better financial decisions, and over 45,000 people have visited SmartAsset.com. Current SmartAsset users give testimonial to the product:

"SmartAsset is truly a smart tool with very simple, easy to understand graphs and visuals of complex financial numbers and metrics. It is very useful, and I highly recommend it for first-time home buyers," said Soumya Jonnalagadda, Jacksonville, FL.

"I really like how SmartAsset takes everything into account when estimating how much I need to save for a mortgage," said Marisa Fewtrell, Denver, CO.

SmartAsset Business Story

Founded by Michael Carvin and Philip Camilleri in July 2011, SmartAsset is based in New York City. Michael, co-founder and CEO, started SmartAsset after experiencing the frustrations of buying a house in New York in 2010. He is an expert at market modeling and financial analysis and comes from the financial services industry where he worked in private equity for many years. SmartAsset's Co-founder and CTO, Philip Camilleri is an expert in creating mobile and Web apps and has dedicated his career to innovate software development in the financial services industry.

New to the SmartAsset Platform

SmartAsset is the Web's first personal finance platform designed to empower people with highly personalized information and recommendations around major financial decisions. SmartAsset's platform started with home buying analysis and will expand to over 24 other life-changing financial decisions, such as whether to go back to school or when to retire.

SmartAsset's Homebuyer Decision Engine analyzes tax consequences, cash flow implications, and net wealth considerations to give users full understanding on whether buying a home makes sense. Within home buying, SmartAsset added these new features, effective today.

-- How Much Can I Borrow? This feature helps people start the process of home buying through an analysis of their current financial situation to recommend the best amount to borrow.

-- How Much Can I Put Down? This feature provides people with the information needed to decide on how much money they can afford to put down for a house based on personalized analysis of their finances.

SmartAsset's Decision Engines are powered by a complex financial modeling technology that analyzes and quantifies the financial implications of life's hardest decisions and recommends personalized, actionable strategies. 

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