Financial advisors face a significant hurdle in finding new clients, with cold outreach often proving ineffective. To address this challenge, Finny, a startup founded in 2023, has developed an AI agent that matches advisors with prospects who meet their specific search criteria. The platform has just 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.

According to Eden Ovadia, Finny's co-founder, the problem of finding qualified leads is particularly pronounced for independent financial advisors, who often lack the resources to conduct effective outreach. Ovadia, who previously worked at Boston Consulting Group, noted that advisors spend an average of 58 hours pursuing unqualified prospects before converting a single client. Finny's platform aims to revolutionize this process by providing a prioritization score, akin to a compatibility score, that predicts the likelihood of a client converting.

The platform's functionality extends beyond lead generation, suggesting optimal channels to reach high-priority prospects, handling follow-ups, and scheduling meetings. Since its launch in May 2024, Finny has seen its revenue rise by 150% every month, with over 40 customers currently using the platform. A waitlist of nearly 250 qualified and vetted firms further underscores the demand for Finny's solution.

Finny's initial focus on independent financial advisors has recently expanded to include banks, which the company sees as a significant opportunity. "Our target base is comprised of more than 90% RIAs [registered investment advisors], but we are in the process of setting up trials with some of the larger banks," Ovadia explained. With the new funding, Finny plans to grow its engineering team and enhance its product, which currently has a team of seven staff.

Finny operates in a competitive landscape, with competitors including ZoomInfo, LinkedIn Sales Navigator, Crunchbase, and Pitchbook. Other peers in the market include platforms like Farther, Savvy Wealth, and Robinhood, which provide wealth management services. Despite this competition, Finny's innovative approach to lead generation has clearly resonated with investors and customers alike.

As the fintech industry continues to evolve, Finny's AI-powered platform is poised to play a significant role in transforming the way financial advisors find and engage with clients. With its recent funding and impressive growth metrics, Finny is well-positioned to capitalize on the opportunities presented by this rapidly changing landscape.