Smart, the London-headquartered fintech firm, has raised $95 million in a Series E funding in a round led by Aquiline Capital Partners, a private investment firm based in New York and London.
Existing investors participating in the round include: Chrysalis Investments, Fidelity International Strategic Ventures, DWS, Barclays and Natixis Investment Managers.
Smart will use funds to bolster global expansion plans, building on the company’s strong performance in Europe, the US, Middle East and Asia.
Smart will also use proceeds from the funding round to finance acquisitions and accelerate Smart’s investment in and distribution of its retirement savings technology platform, Keystone.
Smart has experienced a period of exceptional growth, with group revenue of £67 million in 2022, a 65 percent increase on the previous year. In February 2023, Smart was ranked among Europe’s fastest-growing companies by the Financial Times.
Smart already has over £5.5 billion in Assets Under Management (AUM) on its platform and is expected to exceed £10 billion by the end of June 2023 following this Series E funding. Growth has been driven by the accelerating global demand for modern, digital retirement savings technology, the success of Smart Pension in the UK and strategic M&A.
Smart owns and operates one of “the big four” UK auto enrolment master trusts, Smart Pension, serving more than one million savers and 70,000 employers.