Smart Secures $95 Million Series E Funding to Accelerate Global Retirement Savings Transformation
May 15, 2023
Smart, a London-based fintech specialising in revolutionising the global retirement savings market, has just sealed the deal on a significant Series E funding round. This investment, totalling $95 million, was led by Aquiline Capital Partners LLC, along with participation from Chrysalis Investments, Fidelity International Strategic Ventures, and other strategic investors.
This influx of capital is set to propel Smart's ongoing global expansion, with plans to double its Assets Under Management (AUM) from the current £5.5 billion to an impressive £10.5 billion by the end of Q2 2023. Such expansion represents a staggering growth rate of 123% within the first half of 2023 alone.
Smart's success story began in 2014 when Andrew Evans and Will Wynne founded the company in response to the UK's mandatory workplace pension auto-enrollment initiative. Since then, Smart has emerged as a pivotal player, operating one of the UK's major enrolment master trusts, Smart Pension, serving over one million savers and 70,000 employers.
Central to Smart's success is its proprietary retirement savings technology platform, Keystone. This cloud-native platform provides the backbone for modern, digital retirement savings solutions, addressing the increasing demand for efficient pension management amid evolving regulatory landscapes worldwide.
The recent funding injection is earmarked for several key initiatives. Firstly, it will fuel Smart's global expansion efforts, capitalising on the company's success in Europe, the US, Middle East, and Asia. Additionally, funds will support near-term acquisitions and expedite the development and distribution of Keystone.
Smart's remarkable growth trajectory is further evidenced by its 2022 revenue of £67 million, marking a 65% year-on-year increase. Recognising its achievements, the Financial Times included Smart among Europe's fastest-growing companies in February 2023.
Moreover, Smart's commitment to innovation and adaptability is evident in its strategic partnerships and acquisitions. Notable collaborations include alliances with prominent financial institutions in Ireland and the Zurich Insurance Group's Dubai government workplace savings scheme.
Jeff Greenberg, Chairman, and CEO of Aquiline, emphasised the significance of Smart's technological leadership in addressing global retirement savings challenges. He highlighted the company's impressive commercial growth and expressed confidence in its future trajectory, underscoring the pivotal role of Smart's Keystone platform in reshaping the retirement savings landscape.
Andrew Evans and Will Wynne, co-founders of Smart, echoed this sentiment, emphasising the immense opportunity ahead and the pivotal role of technology in transforming retirement, savings, and financial well-being globally. They envision Smart as a multi-billion-pound enterprise, uniquely positioned to capitalize on the $62 trillion global retirement savings sector.
As Smart continues to strengthen its board of directors, with Charles Janeway of Aquiline joining as a non-executive director, the company is poised to reinforce its position as a global leader in retirement technology. With a clear focus on innovation, expansion, and customer-centric solutions, Smart is primed to navigate the evolving financial landscape and drive positive change in retirement savings worldwide.