UK-based pension provider Collegia has secured £500k in funding ahead of its launch in the UK later this month.
According to UK Tech News, Collegia is the UK’s first app-based auto-enrolment and personal pensions provider.
The company pulled in investment from a number of unnamed global investors ranging from angel investors, individual and family office investors from Dubai, Brazil, the UK and Italy.
Collegia intends to use the capital influx to aid its launch alongside continued development of its auto-enrolment pension technology. The company is aiming at a market that currently serves over 10.2 million workers, 1.6 million employers and receives annual investments pushing over £90bn.
Collegia founder and CEO Eduardo Chazan said, “Worth almost $100 billion annually, the UK Auto-Enrolment market serves more than 10 million employees and 1.6 million businesses. But the products on offer to employees and employers alike are unfit for purpose, with an almost complete lack of innovation. Millions of employees have no access to an APP and the industry is still debating how to produce a better ‘annual’ statement.”
Investor Marco Yi added, “With the sole focus of attracting funds under management the auto-enrolment sector has lost sight of its primary objective – to look after employees. We are confident that the government and regulators will have to start taking this seriously, which is why we see such promise from innovative players like Collegia, in a market that is ripe for change.”
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