CIBC Innovation Banking acted as the lead arranger and agent of a £60 million credit facility for Smart, a London-headquartered fintech that provides retirement savings technology globally. The funding will be used to support Smart’s future growth plans and leverage opportunities within a rapidly consolidating market in the UK.
“We are delighted with the growth we’ve achieved in recent years alongside the important milestone of becoming a profitable business,” Eoin Corcoran, chief financial officer of Smart, said. “CIBC Innovation Banking has been an important part of our journey since 2022 and their ongoing support will enable us to continue developing innovative solutions to help employees around the world save more effectively for retirement. This facility will also help us take advantage of opportunities that will come as the UK market consolidates at a rapid pace.”
“Smart’s modern technology, coupled with sector expertise, is the factor for its success to date in the retirement and pension industry,” Sean Duffy, managing director and European market lead at CIBC Innovation Banking, said. “We are thrilled to continue supporting the Smart team on its mission to help transform retirement, savings and financial well-being for employees, employers, financial institutions and governments globally.”
