AAA Corporates assist SmartAsset in $110m series D

Corporates assist SmartAsset in $110m series D

Financial services firm Citi and insurers Cuna Mutual Group and New York Life have participated in a $110m series D round for US-based financial advice provider SmartAsset.

The round valued the company at over $1bn and was led by venture capital firm TTV Capital and backed by fellow VC firms Javelin Venture Partners, Contour Venture Partners and North Bridge Venture Partners.

Citi, Cuna Mutual Group and New York Life were represented in the round by Citi Ventures, CMFG Ventures and New York Life Ventures respectively.

SmartAsset runs an online web portal which connects consumers to financial advisors. It also publishes information, tips and guides about financial services products such as mortgages, savings accounts and online brokerage accounts.

The company will use the series D funding to invest in its technology infrastructure and the development of new products. It has raised at least $161m since it was founded in 2011.

Citi Ventures also participated in SmartAsset’s $28m series C round in 2018 alongside Focus Financial Partners, Javelin Venture Partners, TTV Capital, IA Capital, Contour Venture Partners and individual investor Fabrice Grinda.

IA Capital led a $12m a series B round for the company in 2016 that included New York Life and Transamerica Ventures, an investment subsidiary of insurance group Aegon. The list of series B participants also featured Javelin Venture Partners, Contour Ventures, TTV Capital and Fitz Gate Ventures.

SmartAsset’s early investors include Bridge Venture Partners, Y Combinator, Peterson Ventures, Quotidian Ventures, SV Angel and angel investors Brendan Wallace and Denis Grosz.