UK pensions fintech Smart lands $95m Series E funding
UK-based retirement savings fintech Smart has bagged $95 million in a Series E funding round led by Aquiline Capital Partners.
Smart raises $95m in Series E funding
Existing backers Chrysalis Investments, Fidelity International Strategic Ventures, DWS, Barclays and Natixis Investment Managers also took part in the round.
Smart was established in 2014 following the UK’s rollout of mandatory workplace pension auto enrolment. The company’s Smart Pension business serves more than one million customers and 70,000 employers.
It currently claims to have over £5.5 billion in assets under management, and expects to cross £10 billion by the end of June this year.
The Smart Pension offering is powered by Smart’s own proprietary infrastructure tech, known as Keystone, which it claims is the world’s first global cloud-native workplace retirement savings platform. The company provides the technology to governments and financial services partners around the world.
“We have already reached scale and profitability in the UK, with Smart Pension now serving in excess of one million savers, and this backing allows us to achieve that scale and profitability in our global markets across the group,” Smart co-founders Andrew Evans and Will Wynne say.
With the funding, Smart plans to expand globally after successful forays into Europe, the US, the Middle East and Africa. It also plans to complete some “near-term” acquisitions and further invest in its Keystone platform.
