UK Retirement Platform Smart Snaps up £165 Million in Series D Fundraiseby Fintechnews Switzerland July 1, 2021
Smart, the global retirement savings technology platform provider that powers the Smart Pension Master Trust, one of the ‘big four’ UK auto enrolment master trusts, has announced that it is concluding a £165 million Series D funding round.
Chrysalis Investments has led Smart’s Series D funding round with a £75 million equity investment, with additional investors to be announced in the coming weeks.
The overall round will comprise £110 million of primary and £55 million of secondary equity.
Smart reported enormous growth in 2020, with assets on the platform growing by more than 160% to £1.8 billion and the successful rollouts of the Smart platform with Bank of Ireland’s insurance arm, New Ireland Assurance, and with global insurance giant Zurich and the Dubai International Financial Centre in the Middle East.
The co-founders of Smart, Andrew Evans and Will Wynne said,
“Chrysalis Investments joins us at a really exciting time. Smart’s achievements over the last 12 months are testament to our amazing team, and also to the incredible resilience of both our operating model and the Smart platform that we deploy for large financial institutions and national governments.
With close to a million savers on our platform already, we now have straight line visibility through to well over five million savers on the platform within the next 24 months.
Featured image: Co-founders of Smart, Andrew Evans and Will Wynne