Wealth manager Focus Financial Partners has bought a minority stake in New York-based fintech firm SmartAsset.
The financial terms of the transaction or the size of the stake were not disclosed. The deal forms part of a Series C funding round, which raised $28m in capital for SmartAsset.
Focus was joined by Javelin Venture Partners, TTV Capital, IA Capital, Contour Venture Partners, Citi Ventures, and Fabrice Grinda in the funding round, which takes the fintech firm’s total funding raised till date to more than $51m.
Focus founder and CEO Rudy Adolf said: “A scalable approach to digital client acquisition is an important lever for the wealth management industry and we believe that SmartAsset has the widest reach and the most advanced capabilities in this space.
“Our founding mission is to support entrepreneurs who provide fiduciary wealth management advice to clients. Investing in SmartAsset is a natural next step in our evolution as we seek to set new standards for the advisory industry and add value to our partners in their business development efforts.”
SmartAsset intends to use the new capital to expand its SmartAdvisor platform, which connects investors to financial advisers.
As part of the deal, Focus co-Founder Rajini Kodialam will join as a member of the SmartAsset board, while its principal Eric Amar will join as an observer of the fintech firm’s board.
SmartAsset CEO and Co-Founder Michael Carvin said: “This investment will accelerate our mission of becoming the web’s premier resource for personal finance tools and content. In doing so, SmartAsset will become the largest marketplace for investors trying to find financial advisers and advisers trying to meet new prospective clients.”