London-based fintech focused on the retirement savings market, Smart, aka SmartPension, has raised $95 million in a Series E funding round. The new investment will fuel the company’s ongoing global expansion initiatives, both organically and through M&A activity. Since mid-2016 the company has raised in excess of £220 million.
Smart’s $95 million Series E round was led by Aquiline Capital Partners, with existing investors including Chrysalis Investments, Fidelity International Strategic Ventures, DWS, Barclays and Natixis Investment Managers participating.
Starting out life in 2014 is a result the implementation of the UK’s mandatory workplace pension auto-enrollment legislation. Today, Smart counts over 70,000 employers using its service, and by extension, 1 million pension savers. According to the company, they have over £5.5 billion in AUM and are looking at numbers exceeding £10 billion by the end of next month.
“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 $62 trillion global sector in the early stages of being disrupted, and we are uniquely positioned to take advantage of that,” commented Smart co-founders Andrew Evans and Will Wynne.