Pension management startup Smart raises $95M
Smart, a London-based pension management platform for employers and employees, raised $95 million in Series E funding led by Aquiline Capital Partners.
Why it matters: The funds will be used for geographic expansion and strategic M&A, the company says.
Context: Smart was founded in 2014 to help U.K.-based employers fulfill pension auto-enrollment requirements passed by the government two years prior.
- On the employer front, companies can use Smart's digital platform to set up their own pension schemes.
- Meanwhile, employees can use its app to consolidate and keep track of pensions they might have from different employers.
By the numbers: Smart Pension's U.K. master trust serves more than a million savers and 70,000 employers, with £5.5 billion in assets under management.
- It says group revenue reached £67 million in 2022, representing a 65% increase from the previous year.
Between the lines: With the new funding, the company expects growth to come from expansion outside the U.K. and strategic M&A.
- In addition to its home market, Smart has begun offering retirement management services in mainland Europe, the U.S., the Middle East and Asia.
Of note: Existing investors Barclays, Chrysalis Investments, Fidelity International Strategic Ventures, DWS, and Natixis Investment Managers also participated in this round.