New York based online financial advisor and analytics website SmartAsset has raised $12m in Series B funding led by IA Capital Group. The company has now raised over $20 million, and will use the new funding to grow the team, expand the capability of its proprietary Automated Financial Modeling (“AFM”) platform and grow Captivate – the company’s recently launched solution for publishers.
“It’s an incredible endorsement of our strategy and mission to have such a strong group of Venture and Strategic Investors in this round,” said Michael Carvin, CEO and co-founder of SmartAsset. “We started this company in the wake of the Great Recession to use technology and data to bring dramatically better financial advice to people. With our platform now reaching more than 40 million people per month, it is incredible to see that vision becoming a reality,” he added. SmartAsset’s patent-pending AFM technology simulates the financial impact of different consumer decisions. The company currently offers advice across a number of personal finance verticals, including: home buying, retirement planning, life insurance, personal loans, student loans, credit cards, loan refinance, taxes and investing. SmartAsset plans to grow into the auto and health insurance verticals as well.