Global retirement savings technology platform Smart has secured £165m in its Series D, which will help it bolster its global presence.
The round was led by UK-based investor Chrysalis Investments, which supplied £75m of the total capital. Other investors to the Series D were not revealed, but Smart said it would name the other backers in the coming weeks.
Smart also stated £110m of the capital is primary equity and the remaining £55m is secondary.
With the funds, the FinTech company is looking to grow its offering in the UK, US, Australia and the Middle East. It will also move to other territories in the future.
The funding round comes after a strong year of growth for the company, which culminated in a growth of 160% of its assets on its platform to hit £1.8bn. Smart also deployed its solution into Bank of Ireland’s insurance arm, New Ireland Assurance, Zurich and the Dubai International Financial Centre in the Middle East.
Smart’s platform aims to improve retirement, savings and financial wellbeing around the world. The FinTech partners with governments and financial institutions to offer digital retirement savings and income solutions.
In a joint statement, Smart co-founders Andrew Evans and Will Wynne said, “The global retirement market is already a colossal $55trn of AUM. A huge wave of regulatory change is sweeping the globe, with governments shifting responsibility for retirement liabilities from their own balance sheet onto the mass market, via the workplace.
“Smart is the only proven, global, cloud-native retirement technology solution to this challenge. Our Platform-as-a-Service model powered by our single global retirement technology platform is perfect for financial services companies and governments trying to get to grips with delivering for their members and citizens as they save for retirement and beyond. Due to all of this, Smart is set to become the global operating system for retirement.”
Existing investors of Smart include Legal & General, J.P. Morgan, the Link Group, Barclays and Natixis Investment Managers.
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