Financial news

The investment was led by Aquiline Capital Partners LLC, a private investment firm. Existing investors Chrysalis Investments, Fidelity International Strategic Ventures, DWS, Barclays and Natixis Investment Managers also participated in this round.

With this deal, Charles Janeway of Aquiline has joined Smart’s board of directors as a non-executive director.

“Transforming retirement, savings and financial well-being”

Founded in 2014 by Andrew Evans and Will Wynne, Smart is a global savings and investments technology platform provider.

It claims to own and run Smart Pension, one of “the big four” UK auto enrollment master trusts, which serves over one million savers and 70,000 employers. The company’s aim is to transform retirement, savings and financial well-being, across all generations, globally.

The platform already drives a number of retirement savings options. These collaborations include one with a renowned financial services company in Ireland, the national rollout of pooled retirement solutions in the US, and a partnership with Zurich Workplace Solutions (Middle East), a division of Zurich Insurance Group, on the Dubai government’s workplace savings scheme.

Capital utilisation

Smart says after running successful operations in Europe, the US, the Middle East, and Asia, the raised funds will support the company’s aim for global expansion.

The proceeds will also support short-term acquisitions and accelerate Smart’s rollout of Keystone, its retirement savings technology platform. The scalability of the Keystone platform supports the development and profitability of its Smart Pension business.

Keystone was created to help governments and financial organisations (such as insurers, asset managers, banks, and financial advisers) provide digital, personalised, and affordable retirement savings and income solutions. 

In addition to the UK, Smart is operating in the US, Europe, Middle East and Asia, with more than a million depositors contributing over £5B in assets on its Keystone platform.

Andrew Evans and Will Wynne say, “We are on a mission to transform retirement, savings and financial wellbeing. We are 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.”

“We have already reached scale and profitability in the UK, with Smart Pension now serving in excess of one million savers and this backing allows us to achieve that scale and profitability in our global markets across the group.”

About Aquiline Capital Partners LLC

Based in New York and London, Aquiline Capital Partners backs companies that provide financial services, technology, healthcare, and business services. The company’s AUM is $9.6B.

Speaking about the investment in Smart, Jeff Greenberg, Chairman and CEO of Aquiline, says, “Smart’s distinct retirement technology leadership coupled with Aquiline’s deep experience in the retirement technology industry makes this a compelling investment, as does the growing global need for better retirement saving technology.”

“Smart has consistently delivered impressive commercial growth and is backed by an array of top-tier investors whom we are delighted to join. Under the leadership of Andrew and Will, we have every confidence that Smart is a multi-billion pound company in the making.”

Greenberg adds, “The UK remains at the forefront in the digitalisation and democratisation of retirement savings and we are excited to support a UK leader in the sector as it helps to solve pressing issues facing savers, financial institutions and governments across the world.”