London-headquartered pension savings platform Smart has closed its $95m (£76m, €87m) Series E funding in a round led by private investment firm Aquiline Capital Partners.
Existing investors participating in the round include: Chrysalis Investments, Fidelity International Strategic Ventures, DWS, Barclays and Natixis Investment Managers.
Funds from this investment round will bolster Smart’s global expansion plans, building on the company’s performance in Europe, the US, Middle East and Asia. Proceeds from the funding round will also help “finance near-term acquisitions and accelerate Smart’s investment in and distribution of its proprietary retirement savings technology platform Keystone”, the firm said.
Smart has over £5.5bn in assets under management (AuM) on its platform and is expected to exceed £10bn ($12.5bn, €11.5bn) by the end of June 2023 following the Series E funding.
‘On a mission’
Andrew Evans and Will Wynne, the co-founders of Smart, said: “This investment is strong recognition of Smart’s success and journey to date, and highlights the immense opportunity that lies ahead. It is also a resounding vote of confidence in the UK’s fintech sector, and its leadership in financial services provision.
“We are on a mission to transform retirement, savings and financial wellbeing. We are the global leader in retirement technology and our industry-leading platform, Keystone, is being deployed by the biggest, most successful financial institutions around the world.
“This is a $62trn global sector in the early stages of being disrupted, and we are uniquely positioned to take advantage of that. 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. We welcome Aquiline to our board and we’re incredibly excited for the years ahead.”
