Smart co-founders, Will Wynne and Andrew Evans
London-headquartered digital pension provider Smart has secured £76m in Series E capital from UK and US investors to finance “near-term” acquisitions.
The company said it will use the sizeable round, which bucks the funding downturn, to fuel its global expansion plans. The company already has a presence across Europe, the US, the Middle East and Asia.
Aquiline Capital Partners led Smart’s Series E. The retirement savings fintech also drew investment from Chrysalis Investments, Fidelity International Strategic Ventures, DWS, Barclays and Natixis Investment Managers.
Jeff Greenberg, chairman and CEO of Aquiline, said: “The UK remains at the forefront in the digitalisation and democratisation of retirement savings and we are excited to support a UK leader in the sector as it helps to solve pressing issues facing savers, financial institutions and governments across the world.”
Smart added that it will use the funding to continue developing its saving technology platform, called Keystone.
It also is predicting its assets under management will surge to £10bn before the end of June this year.
“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,” said Andrew Evans and Will Wynne, co-founders of Smart.
Founded in 2014, the London-headquartered fintech manages more than £5bn in assets.
