CIBC Innovation Banking is pleased to announce £40 million growth funding for London-based Smart, a leading retirement technology provider. Smart will use the capital to expand its market growth, accelerate the launch of strategic products and undertake acquisitions.
Smart was launched in 2015 with the aim of simplifying the automatic enrollment and administration of pension plans for companies and their employees. The company has since expanded to work with financial institutions and governments around the world, including through its core technology platform Keystone.
“We are delighted that CIBC Innovation Banking is supporting Smart, which helps us accelerate our near-term growth ambitions, expand our presence in key markets and roll out product initiatives to transform retirement around the world,” said Eoin Corcoran, Chief Financial Officer. from Smart. “Our technology is already helping over a million people save and plan for retirement. We operate on four continents and our growth plans will soon take us beyond ten million users. Our company is in a unique position to capitalize on the $62 trillion global retirement savings market, and this facility will strengthen our ability to do just that.
“We are thrilled to support Smart as they continue to expand their retirement technology offering to savers around the world in partnership with financial services organizations, governments and state legislatures,” said Sean Duffy, Managing Director of CIBC Innovation Banking in London, UK office. “Smart and its team have provided solutions to over 100,000 businesses and we look forward to being part of their growth journey through the development of strategic new products.
Smart is also backed by Legal & General, JP Morgan, Link Group, Natixis, Barclays, Chrysalis Investments, DWS Group and Fidelity International Strategic Ventures.