FinTech startup Savvii Group Inc. has secured $10 million in seed funding that closed at the end of the last quarter. The financing came from a financial investment firm, which the startup refused to disclose.
“It’s time that customers are truly in the driver’s seat of their financial health.”
– Marcius Bansavatar
Founded by finance veteran and Brim Financial co-founder Marcius Bansavatar, Savvii will offer an AI-powered suite of customizable solutions that allows users to take an active role in their financial health, including smart saving and spending. The startup touts its tech as a way to “remove barriers to financial fluency.” Savvii said it’s set to launch in the last half of this year, though has been vague on the details of its product.
“Consumers are demanding and deserving of more from their financial institutions, and it’s time that customers are truly in the driver’s seat of their financial health,” said Bansavatar.
Bansavatar helped to co-found Brim in 2015. Brim provides its FinTech platform to financial institutions and commercial partners, offering cards, integrated buy-now pay-later solutions, mobile and digital banking, and behaviour-driven customer engagement.
Brim raised $25 million in Series B financing last March, and partnered with Canadian Western Bank in the following month to give the latter’s clients access to Brim’s suite of consumer credit cards and integrated digital banking platform.
Bansavatar told BetaKit that he left his role as chief product officer at Brim in 2018, and remained a co-founder until last year when he started working on Savvii. He declined to share the details surrounding his departure from Brim.
Prior to becoming a startup founder, Bansavatar worked directly with financial institutions for over a decade as a consultant for TD Canada Trust and the Bank of Montréal. He was also with CIBC for eight years, leaving the bank in 2007 as senior project manager of online banking.
Bansavatar noted that the $10 million will allow Savvii to accelerate the development of its tech infrastructure and to build out its partner network.
Savvii is entering an already well-populated Canadian consumer card space that has incumbent banks and new entrants-alike. Some notable players in this field include Brim; Toronto-based Koho, which raised $210 million in Series D funding earlier this year; as well as Neo Financial that recently launched Neo Invest, its digital investing platform that will be managed by professional money managers.
Bansavatar claims that with zero advertising, Savvii’s waitlist currently stands at over 10,000 consumers.
Featured image from Savvii’s website