InvestmentNews reported that Savvy Wealth, a New York-based AI-native RIA, has raised $100 million and launched a custody platform it plans to open to outside registered investment advisers. The company's own announcement, made in September, described the funding as a Series C led by Halo Fund, a growth-stage venture firm co-founded by Qualtrics founder Ryan Smith and longtime Accel general partner Ryan Sweeney. According to WealthManagement.com, the round valued Savvy at $600 million. That figure is a valuation, not a price paid for the firm or a measure of its revenue.
The announcement said existing investors took part again, including Thrive Capital, Industry Ventures from Goldman Sachs, Index Ventures, House Fund and Vestigo Ventures, along with several others. Vestigo Ventures was founded by former LPL Financial CEO Mark Casady, according to ValueAdd VC. The company says the round brings its total funding above $200 million.
The company also reported scale figures. The company puts its client assets under management at $9 billion, up more than four times from a year earlier, and says it has recruited more than $4 billion in assets so far in 2026. It says it supports more than 150 advisors nationwide after doubling its advisor base over the past year. Those figures describe assets advised on the platform, not Savvy's revenue or its own balance sheet. InvestmentNews separately reported that Savvy is aiming for annual recurring revenue above $100 million by the end of this year. That is a target rather than a reported result.
The launch centres on the Savvy Custodial Platform, which the company says lets independent RIAs onboard clients in as little as 90 seconds. WealthManagement.com reported that the platform is neither a separate legal entity nor an actual custodian. It is a set of integrated technology and services. AdvisorHub reported that Fidelity's National Financial Services will handle trade clearing, order execution and asset custody for Savvy's newly formed broker-dealer, Savvy Wealth Management. Savvy itself will not hold client assets and will act as the introducing broker and technology interface. AdvisorHub also reported that Fidelity pays Savvy a percentage of the revenue it earns on client assets through cash sweep programs, securities-backed loans and certain other services. That is the revenue-share arrangement the InvestmentNews summary questions, though the payments run from Fidelity to Savvy.
Timing is the main constraint for outside firms. According to AdvisorHub, non-Savvy advisors can join a waitlist, but the platform will not be able to onboard outside firms until early-to-mid 2027. RIABiz reported that Fidelity, which it describes as the No. 2 RIA custodian, is backing the expected 2027 launch. CEO Ritik Malhotra told AdvisorHub that external pricing has not been finalized and that Savvy has no plans to become self-clearing at this time. AdvisorHub also reported that Savvy is negotiating with Schwab about establishing a similar introducing broker setup.
InvestmentNews named Orion as an incumbent in the space and Feathery and Dispatch as newer fintech competitors. A Kitces commentary said Altruist's competing offerings could pressure Savvy to show support beyond self-serve technology. The company's website says Malhotra started Savvy Wealth in 2021 and that it is privately held. Malhotra is a repeat technical founder, with earlier exits to Box in 2014 and Brex in 2019, according to the same site. The site lists Lisandra Wilmott as General Counsel, leading legal operations and the compliance program. Savvy Advisors is the SEC-registered RIA affiliated with the company, and its parent is Savvy Wealth Inc.
Next steps are the onboarding timeline, final external pricing and the status of the Schwab talks. Each will determine how quickly outside RIAs can use the platform and on what terms. Coverage so far comes from the company's announcements and from trade outlets' reporting on them, and the firm has not published final pricing.