Financial advisors have a big hurdle when it comes to finding new clients. Cold lobbying rarely works. Often, the only way to find good leads is to network and get a warm introduction, or search platforms like LinkedIn, Pitchbook, ZoomInfo and hope they'll attend a meeting, but the I don't know if it will lead to conversion or not.
Eden Obadiah learned this while helping major financial institutions with their growth strategies at Boston Consulting Group:[Financial advisors] There is no way to identify these leads or reach a specific niche at scale, and as a result, it takes an average of 58 hours to convert each lead. You’re chasing customers,” she said in an interview with TechCrunch.
This problem appears to be even more acute for independent advisors, who often don't have large teams to conduct outreach and find qualified leads. Ovadia saw an opportunity and founded Finny with the help of two co-founders, Victoria Toli and Theo Janson. The goal was simple: build an AI agent that can match advisors with prospects who meet their search criteria.
When financial advisors sign up and provide the information they're looking for, Finny searches its database to narrow down potential clients in the advisor's targeted niche. The startup also offers a priority score, which is basically similar to a compatibility score, as it is based on predicting the likelihood of a client converting.
So, in essence, Finney has the potential to deliver what could almost be described as “warm” leads to help advisors find customers who are most likely to convert.
Additionally, the platform suggests the best channels to contact high-priority leads, handles follow-ups, and schedules meetings.
Shortly after its founding in late 2023, Finny joined Y Combinator and joined the summer 2024 batch. The company launched MVP in May 2024 and has now raised $4.2 million in a seed round co-led by Maple VC and HNVR with participation from Crossbeam Ventures, Liquid 2, and Y Combinator. Angel investors Morningstar CEO Kunal Kapoor, Gust CPO Tomer London, and Deal COO Dan Westgarth also invested.
In the six months since launch, the startup says its revenue has increased 150% month over month and it currently serves more than 40 customers. In addition, nearly 250 eligible and vetted companies are on the waiting list. Finney, who makes money through subscription fees and success fees, said his revenue has doubled since YC Demo Day in September.
The company initially targeted independent financial advisors because the co-founders believed they had fewer resources than advisors at large financial institutions. However, the startup has recently realized that the market is moving towards banks, indicating that there is a huge opportunity in this space as well.
“Our target base is over 90% comprised of RIAs.” [registered investment advisors]But we are preparing trials with some big banks,” Obadiah said.
With the new funding, Finny plans to expand its engineering team and enhance its product. The startup currently has a staff of seven people.
Competitors include ZoomInfo, LinkedIn Sales Navigator, Crunchbase, and Pitchbook. Other peers could be marketplaces that match clients and advisors. Platforms like Farther, Savvy Wealth, and Robinhood offer wealth management services.