Pension auto-enrolment solution Smart Pension has raised £15m in a Series B round as it looks to broaden its proposition to cater to larger firms.
The investment was led by the Stensrud family, the owners of Skagen, Norway’s largest privately-owned asset manager.
Existing backers Tom Valentine, co-founder of Secret Escapes, and William Reeve, the entrepreneur behind firms such as Zoopla, LOVEfilm and Graze, also participated.
Smart Pension’s MAF-accredited service helps businesses to sign up their employees to workplace pension schemes at a time when more nations are pushing out auto-enrolment initiatives.
The London-based company’s co-founder and CEO Andrew Evans said: “In a relatively short space of time Smart Pension has delivered, and successfully brought to market, affordable, efficient and accessible auto enrolment to thousands of small companies across the breadth of the UK.
“This Series B funding round means we’ll be able to deliver more tech-led, pioneering innovations, such as one-click integration with Sage’s entire suite of payroll products within weeks and the further roll out of our unique pensions API.”
The round takes Smart Pension’s total funding to £25m and values the company at £65m.
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