CIBC Innovation Banking closed £40 million ($47.3 million) of growth financing for London-based Smart, a retirement technology provider. Smart will use the capital to expand its market growth, accelerate the launch of strategic products and undertake acquisitions.
Smart launched in 2015 with the goal of making pension auto-enrollment and administration simple for businesses and their employees. The company has since expanded to work with financial institutions and governments across the world, including through its core technology platform Keystone.
“We’re delighted to have CIBC Innovation Banking support Smart, helping us accelerate our near-term growth ambitions, increase our presence in core markets and roll out product initiatives to transform retirement across the world,” Eoin Corcoran, chief financial officer of Smart, said. “Our technology is already helping more than a million people save and plan for retirement. We operate across four continents, and our growth plans will soon take us beyond ten million users. Our company is uniquely positioned to capitalize on the $62 trillion global retirement savings market, and this facility will strengthen our ability to do exactly that.”
“We’re thrilled to be supporting Smart as they continue to scale their offering for retirement technology to savers across the globe in partnership with financial services organizations, governments, and state legislatures,” Sean Duffy, managing director in CIBC Innovation Banking’s London, UK office, said. “Smart and its team have provided solutions to more than 100,000 companies and we look forward to being part of their growth journey through the development of new strategic products.”
Smart is also backed by Legal & General, J.P. Morgan, Link Group, Natixis, Barclays, Chrysalis Investments, DWS Group and Fidelity International Strategic Ventures.
