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Smart Pension raises $95m in Series E Funding led by Aquiline

By Gloria Methri

May 16, 2023

  • Aquiline Capital Partners
  • Asset Management
  • FinTech
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Smart Pension, FinTech, Retirement Savings,  Aquiline Capital Partners, Series E Funding, UK, Investment Management, Asset Management, Keystone Smart Pension, the London-headquartered FinTech transforming the global retirement savings market, has closed its $95 million Series E funding in a round led by Aquiline Capital Partners LLC. Existing investors in the round include Chrysalis Investments, Fidelity International Strategic Ventures, DWS, Barclays, and Natixis Investment Managers.

Funds from this investment round will bolster Smart’s global expansion plans, building on the company’s performance in Europe, the US, the Middle East, and Asia. Proceeds from the funding round will also help finance near-term acquisitions and accelerate Smart’s investment in and distribution of its proprietary retirement savings technology platform, Keystone.

Smart already has over £5.5 billion in Assets Under Management (AUM) on its platform and is expected to exceed £10 billion by the end of June 2023 following this Series E funding. Established in 2014 by Andrew Evans and Will Wynne, Smart owns and operates one of “the big four” UK auto-enrolment master trusts, Smart Pension, serving more than one million savers and 70,000 employers.

The co-founders of Smart, Andrew Evans, and Will Wynne, said, “This investment is strong recognition of Smart’s success and journey to date, and highlights the immense opportunity that lies ahead. It is also a resounding vote of confidence in the UK’s FinTech sector, and its leadership in financial services provision.

“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 are incredibly excited for the years ahead.”

Jeff Greenberg, Chairman and CEO of Aquiline, said, “Smart’s distinct retirement technology leadership coupled with Aquiline’s deep experience in the retirement technology industry makes this a compelling investment, as does the growing global need for better retirement saving technology. Smart has consistently delivered impressive commercial growth and is backed by an array of top-tier investors whom we are delighted to join.”

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