Sources claim that on Monday, Smart, founded in 2024, will announce the capital raise.
led by Aquiline Capital Partners, which oversees over $9 billion in assets and is focused on supporting businesses in the financial services and technology sectors.
With the financing environment for early-stage, sometimes loss-making startups facing challenges, this is the largest capital transaction by a UK-based fintech company this year.
As per sources, several anticipated purchases will be financed using the round’s funds.
Additionally, they will expedite Smart’s rollout of Keystone, its unique retirement savings technology platform, and investment in it.
As per sources, previous investors in Smart, including Barclays, Chrysalis Investments, and Fidelity International Strategic Ventures, also took part in the round.
Andrew Evans and Will Wynne, founders of the company, put it online in 2015 in anticipation of massive demand from businesses before the final government deadline for auto-enrolment in 2018.
One of the four major UK auto-enrolment master trusts is owned and operated by Smart Pension, serving over one million savers along with 70,000 employers.
The growing regulatory requirements for individuals saving for their retirement and the simultaneously growing aging population have impacted government finances globally and have contributed to Smart’s rise.
Charles Janeway of Aquiline is expected to become a board member of Smart as a non-executive director as a part of the funding round.
According to a source inside the company, the money infusion was only marginally less costly than its most recent fundraising.
Currently, the asset under Smart’s management is worth more than £5.5 billion and is expected to rise to £10 billion in the future.
It has already formed links with Irish institutions and joined the gigantic Zurich Insurance Group to demonstrate its significant global aspirations.
Answering the inquiry posed by the source, Mr. Evans and Mr. Wynne asserted that Smart was “the global leader in retirement technology, and our industry-leading platform, Keystone, is being deployed by the biggest, most successful financial institutions around the world”.
“This is a $62 trillion global sector waiting to be disrupted, and we are uniquely positioned to take advantage of that,” they further added.
Lazard bankers provided Smart with fundraising round advice.
- Published By Team Timeswire