FinTech startup Smart Pension has received an undisclosed sum of investment from European asset manager Legal & General Investment Management (LGIM).
Although the amount remains undisclosed it is understood to be higher than Smart Pension’s £3.3m Series A round, which at the time brought the company’s cumulative funding to £5m.
Mark Zinkula, CEO of LGIM, spoke about the decision to invest in the UK tech company: “In a short space of time, Smart Pension has built a powerful digital platform which has made auto enrolment scalable and affordable for employers and their employees with minimum cost and disruption, thereby making saving for the future achievable for more UK workers.
“To be successful in this digital age, we know how important it is to embrace and invest in innovative technology solutions that offer substantial benefits to our customers. We are delighted to be investing in Smart Pension, and to be offering LGIM’s savings solutions to the many new savers starting to provide for their own retirement,” he added.
As part of the deal LGIM will take a minority stake in the digital pension platform as well as a non-executive seat on its board.
Smart Pension co-founder and CEO, Andrew Evans, said: “We have designed and successfully brought to market the most efficient auto enrolment solution in the UK. Smart Pension is one of the few workplace pension providers that is free to enrol for employers and which guarantees to accept every employer and employee.
“The market has responded very positively – we have already signed up thousands of employers and advisers and are now enabling tens of thousands of employees to save into a pension for the first time. Smart Pension ensures that auto enrolment can be a success for all workers in Britain,” he concluded.