Smart: ​​Global Retirement Fintech Company Raises $95 Million

By Amit Chowdhry • May 18, 2023

Smart – a global retirement FinTech company that entered the US in 2020 – recently announced it has closed its $95 million Series E funding round, which was led by Aquiline Capital Partners LLC. Existing investors participating in the round included Chrysalis Investments, Fidelity International Strategic Ventures, DWS, Barclays and Natixis Investment Managers.

The proceeds from the funding round will bolster Smart’s global expansion plans, building on what the company considers to be a strong performance in the UK, Europe, the US, the Middle East, and Asia. And the funding will also help finance growth and acquisitions.

Smart has almost $7 billion in platform Assets Under Management (AUM) and is expected to exceed $12.5 billion by the end of June 2023 following this Series E funding. Smart believes growth has been driven by the accelerating global demand for modern, digital retirement savings technology, the success of Smart Pension in the UK, and strategic M&A, including the US acquisition of Stadion Money Management in 2022.

Launched in 2014 by Andrew Evans and Will Wynne in the wake of the UK’s rollout of mandatory workplace retirement plan enrollment, Smart owns and operates one of the big four UK auto-enrollment master trusts, serving more than one million savers and 70,000 employers. And the group’s ongoing and future success is underpinned by delivering innovative retirement technology globally.

In the US, Smart is focusing on providing retirement technology options that span 3 core areas: retirement plans, personalized investment strategies, and retirement income. And by working with key stakeholders in the industry, Smart seeks to offer innovative ways to address some of the most significant challenges related to retirement savings access along with retirement outcome solutions for individuals and employers. Smart partners with plan sponsors, recordkeepers, advisors, consultants, asset managers, insurers, and third-party administrators for delivering solutions that range from fiduciary oversight and pooled retirement plans to managed accounts and retirement income.

The Smart platform already powers numerous retirement savings solutions outside the UK. And these include a partnership with one of Ireland’s most well-known financial services institutions, pooled retirement solutions rolled out nationally across the US and a partnership with Zurich Workplace Solutions (Middle East), part of the Zurich Insurance Group, on the Dubai government workplace saving plan.

Smart continues strengthening its board of directors with Charles Janeway of Aquiline, joining as non-executive director.


“Smart’s retirement technology leadership coupled with Aquiline’s deep experience in the retirement technology industry across the US and Europe makes this a compelling investment, as does the growing global need for better retirement savings technology. Smart has consistently delivered impressive commercial growth, and is backed by an array of top-tier investors whom we are delighted to join.”

– Jeff Greenberg, Chairman and CEO of Aquiline

“This investment is strong recognition of Smart’s success and journey to date, and highlights the immense opportunity that lies ahead. We are on a mission to transform retirement, savings and financial well-being. 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. This is a $62 trillion global sector in the early stages of being disrupted and we are uniquely positioned to take advantage of that. We have already reached scale and profitability in the UK, with Smart Pension now serving in excess of one million savers, this backing allows us to achieve that scale and profitability in our global markets across the group. We welcome Aquiline to our board and we’re incredibly excited for the years ahead.”

– The co-founders of Smart Andrew Evans and Will Wynne

“We are excited to work with Aquiline in this next phase of our growth. In conjunction with our current partners, Aquiline’s knowledge of the US retirement market will provide tremendous insight and value to our expansion in the US.”

– Jodan Ledford, CEO of Smart in the US