Smart, a London-based startup that helps employers manage and monitor their pensions, has successfully secured $95 million in Series E funding. Using these funds, it intends to further international expansion plans and support strategic acquisitions. The company specializes in providing innovative pension management solutions for employers and employees, offering a digital approach to simplifying retirement savings. This recent funding round, led by Aquiline Capital Partners, demonstrates immense potential within the global fintech sector.
In a joint statement, co-founders Andrew Evans and Will Wynne expressed their enthusiasm about the opportunities that lie ahead: “We are on a mission to transform retirement, savings and financial wellbeing… This is a $62 trillion 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”.
Smart emerged in response to the UK government's auto-enrolment pensions legislation, which mandated employers to automatically enrol their employees in a pension scheme. This shift aimed to encourage greater retirement savings but posed challenges in managing multiple pension funds. Smart addresses this administrative complexity by serving as a digital infrastructure for pension management. Employers can fulfil their obligations, while Smart's platform empowers savers to consolidate and monitor their pensions, providing a comprehensive overview of their retirement savings.
Having already expanded its operations beyond the UK into mainland Europe, the US, the Middle East, and Asia, Smart has positioned itself as a leading player in the international pensions market. With a solid foundation supported by over $230 million in previous investments, the company's focus on global expansion aligns with the growing demand for advanced retirement-saving technology. The additional $95 million in funding will enable Smart to enter new markets and pursue strategic acquisitions, capitalizing on the industry's consolidation trend and demonstrating resilience in today's market conditions.
Aquiline Capital Partners' Chairman and CEO, Jeff Greenberg, praised Smart's retirement technology leadership and highlighted the global need for innovative pension solutions: “Smart has consistently delivered impressive commercial growth, and is backed by an array of top-tier investors whom we are delighted to join. Under the leadership of Andrew and Will, we have every confidence that Smart is a multi-billion pound company in the making”.
