INSUBCONTINENT EXCLUSIVE:
I first wrote about SmartAsset nearly six years ago, when it launched its first product, a tool allowing prospective homebuyers to analyze
buy decision and to see what kind of home they could actually afford.
According to co-founder and CEO Michael Carvin, &On the consumer side,
our strategy has never really changed
Our mission is to help people make the best personal finance decisions and to build the web best resource for personal finance
decision-making.&
Of course, some aspects of the company have evolved
For one thing, SmartAsset now offers tools, calculators and content in a number of categories, including taxes, retirement and banking.
For
another, it announcing today that it has raised $28 million in Series C funding, bringing its total raised to more than $51 million
The new round comes from Focus Financial Partners (a firm backed by Stone Point Capital and KKR), Javelin Venture Partners, TTV Capital, IA
Capital, Contour Venture Partners, Citi Ventures, Fabrice Grinda and others.
Carvin said SmartAsset reached more than 45 million uniques
last month, nearly doubling its traffic year-over-year
And 25 percent of that traffic comes from repeat visitors.
As for how SmartAsset makes money from those visitors, it does so partly by
promoting financial products like mortgages
But Carvin said the biggest piece is the SmartAdvisor platform, which connects financial advisors with potential investors.
Carvin described
it as &the web first digital lead generation platform for financial advisors,& and comparedthe SmartAsset business model to Zillow&s, saying
both companies have built big audiences that they can then match up with real estate or finance professionals.
In SmartAsset case, users
fill out a questionaire and then work with a SmartAsset concierge to help them find an advisor who a good fit
Carvin added that the advisors on the platform have been screened by the company, for example to ensure that they haven&t had any criminal
violations and that SEC hasn&t upheld any complaints against them for the past decade.
Asked whether this focus on financial advisors has
led SmartAsset to change the way it designs its consumer products Carvin said,&We believe the better the user experience, the better our
And so when we&re building a retirement tool, a home affordability tool, a tax tool, we&re building that only with the consumer interest in
mind.&
Looking ahead, Carvin said he plans to continue following this strategy.
&We&re going to build out the web premiere personal finance
resources and then leverage that on advisor side,& he said.
