In a world where everything seems to be going down for a while. We have got some interesting and good news about a startup called Smart Pension.
The company has gained a massive investment of $95 million in Series E funding. And the startup has planned to take global opportunities for its innovative pension programs.
So, if this news has caught your undivided attention, keep reading, as we will discuss everything in the following sections.
Smart was founded in London in 2014. Its main goal was to provide a solution to government law for automatically enrolling employers into a pension scheme. As a result, more people would be able to have a secure retirement plan.
Though it’s hard to keep track of pensions for employers who keep switching their jobs. But with Smart, there is nothing to worry about. The program manages pensions and keeps everything organized.
Smart offers two main services. First, it helps employers fulfill their auto-enrollment responsibilities by setting up pension schemes.
The company operates its own “master trust” that currently serves over 70,000 employers and more than 1 million individuals.
The other service allows savers to manage their multiple pensions in one place. And it further provides them with accurate information about their retirement plans. The users can get this offer by accessing the savings technology platform Keystone.
Furthermore, since then, Smart has been advocating for new changes and rules to make things easier for consumers.
A company called Aquiline Capital Partners led a new investment in Smart. And previous investors like Barclays, Chrysalis Investments, Fidelity International Strategic Ventures, DWS, and Natixis Investment Managers have joined them too.
Though the exact value of the investment is not revealed. But the estimated amount is less than the previous sums, as tipped by Sky News the other day.
Further, another assumption is that Smart was worth $564 million. In early January, there was news about Smart trying to raise £100 million. But today, they’ve announced a lower amount of $95 million. So far, Smart has not made any comment on this.
Tech companies’ values have been decreasing a lot in the past year despite the growth. Smart said their total earnings in 2022 were £67 million, which is 65% more than what they earned in 2021. They have also hinted at having £5.5 billion for managing their platform. And they are further planning to increase it to £10 million by June 2023.
The founders of Smart, Andrew Evans and Will Wynne, are happy with such an investment and see a promising future ahead.
Further, Smart’s happy moment has also secured the future of the fintech sector in the UK. As people can expect trusted financial services now.
Smart has always been about changing and adopting new ways to secure people’s retirement plans. And with the market having a worth of $62 trillion, it’s easy to say that Smart can have a huge benefit from such a situation here.
Though Smart has already gained a lot of popularity and success in the Uk. The company is planning to go global with Aquiline.
While talking about their global plans, Smart has planned out everything. Though the company has been working on expanding its vision to the US, Middle East, and Asia for the past seven years. The results are finally showing.
So far, such an expansion has led up to a total of at least $230 million. And if we talk about 2020, the company secured an undisclosed Series C round of funding, with a little sum from Barclays.
With an additional $95 million in funding, Smart is ready to expand into international markets. And the company aims to pursue strategic acquisitions.
Such promising investment has brought the entire fintech industry together. So, despite the current market turmoil, investors remain confident in Smart’s ability to seize the day!
Jeff Greenberg, the chairman and CEO of Aquiline, has also expressed his confidence in Smart. He is happy with the company’s leadership in retirement technology. And with Aquiline’s added effort, he is pretty happy with the overall outcome.
Further, Greenberg has also raised the need for improvement in retirement savings technology. And as per Smart’s impressive commercial growth and top-tier investors, we can predict the company achieving a multi-billion status soon.
So, that was all in this Smart’s achievement blog. By making such handy investments and having international investors on board, Smart is headed to changing the future of fintech and enhancing retirement technology.
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