Smart, a British FinTech specialising in global retirement savings technology, has secured a €69.4m credit facility to accelerate its expansion and take advantage of consolidation in the UK market.
According to EU Startups, the financing was arranged by CIBC Innovation Banking, acting as lead arranger and agent. Existing backers include Aquiline Capital Partners, Legal & General Investment Management, J.P. Morgan, Link Group, Natixis Investment Managers, Barclays, Chrysalis Investments, DWS Group, and Fidelity International Strategic Ventures.
Founded in 2014 by Andrew Evans and Will Wynne, Smart is a global savings and investments technology platform provider that helps employers enrol staff and manage retirement savings.
Its flagship platform, Keystone, is a global, cloud-native workplace retirement savings system designed for governments and financial institutions, including insurers, asset managers, banks and advisers. The aim is to provide digital, customised and cost-efficient retirement solutions.
The new credit facility will be used to fuel product development, pursue strategic opportunities in the rapidly consolidating UK pensions market, and strengthen Smart’s international growth plans.
Smart operates one of the UK’s largest auto-enrolment master trusts, the Smart Pension Master Trust, serving over 1.5m savers and more than 90,000 employers. It manages over £10bn in assets on its Keystone platform in the UK, and €11.5bn globally. Its operations extend across the US, Europe, the Middle East and Asia. The company is recognised as one of the UK’s largest workplace pension providers and is backed by major industry names such as Legal & General Investment Management and J.P. Morgan.
Smart CFO Eoin Corcoran said, “We are delighted with the growth we’ve achieved in recent years alongside the important milestone of becoming a profitable business. CIBC Innovation Banking has been an important part of our journey since 2022 and their ongoing support will enable us to continue developing innovative solutions to help employees around the world save more effectively for retirement. This facility will also help us take advantage of opportunities that will come as the UK market consolidates at a rapid pace.”
Sean Duffy, managing director & European market lead at CIBC Innovation Banking, added, “Smart’s modern technology, coupled with sector expertise, is the factor for its success to date in the retirement and pension industry. We are thrilled to continue supporting the Smart team on its mission to help transform retirement, savings and financial well-being for employees, employers, financial institutions, and governments globally.”
Copyright © 2025 FinTech Global
