A Maltese entrepreneur who co-founded a company aimed at helping people understand their finances better has just had his business valued at over $1 billion.
Philip Camilleri is a co-founder and the CTO of SmartAsset, described as “the web’s go-to resource for financial advice that powers SmartAdvisor, the largest marketplace connecting consumers to financial advisors.”
Having been coding for two decades and involved on a number of projects around the world, SmartAsset’s valuation is a major milestone for Camilleri, as well as for aspiring entrepreneurs across the island.
“Well done to Silicon Valletta member Philip Camilleri and his mythical team at SmartAsset.com for their $1Billion+ valuation. This is a great milestone for Maltese-rooted entrepreneurs,” Silicon Valletta said in a post congratulating the impressive feat.
Camilleri, who is openly gay and based in the US, has spoken about his drive in life and what it was like growing up in conservative Malta.
“For me, it was mostly about making a conscious decision on what I wanted in the future, and then planning accordingly,” Camilleri said in an interview with Advocate.com.
“I saw several hundred people, in suits, getting on and off the subway, looking grim and monotonous on their way to work, and I never wanted to be like that,” he explained, going on to say that his sexuality only made him want to prove himself further after growing up in a conservative country.
“I also have this innate obsession with wanting to create things,” he continued. “I seem to get a kick out of getting things done. On the other hand, some might also consider it a crazy obsession.”
The valuation comes after SmartAsset announced it had closed a $110 million Series D round, valuing the company at over $1 billion, BusinessWire reported.
“The financing round was led by existing investor TTV Capital with participation from Javelin Venture Partners, Contour Venture Partners, Citi Ventures, New York Life Ventures, North Bridge Venture Partners, and CMFG Ventures,” they noted.
“Since raising its Series C in June of 2018, SmartAsset has grown revenue by 10 times and is on the cusp of $100 million in annual recurring revenue (ARR). The fundraise comes on the heels of the company’s partnership with LPL Financial, its one millionth consumer/advisor match on its SmartAdvisor platform, a successful Live Connections rollout, and executive leadership additions.”
With his company going from strength to strength and a dream valuation under his belt, we can’t wait to see what’s next in store for Philip Camilleri.
Share this story if you think Camilleri’s company deserves the incredible valuation