Smart Pension has closed a £15m Series B, bringing its valuation to £65m.
The firm’s round was led by the Stensrud family, who own Skagen, a Norway-based asset manager.
Existing investors including Tom Valentine, co-founder of Secret Escapes; William Reeve, the co-founder of LOVEfilm; also participated in the round.
The funding will be used by the firm to expand overseas. Andre Evans, the co-founder and CEO, spoke about Smart Pension’s trajectory to date.
“In a relatively short space of time Smart Pension has delivered, and successfully brought to market, affordable, efficient and accessible auto enrollment to thousands of small companies across the breadth of the UK.
“This Series B funding round means we’ll be able to deliver more tech-led, pioneering innovations, such as one-click integration with Sage’s entire suite of payroll products within weeks and the further roll out of our unique pensions API, meaning we can further simplify pension compliance for UK PLC.”
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Launched in 2015, Smart Pension seeks to provide affordable auto enrollment solutions to help small businesses manage and comply with the new pension regulation.
Will Wynne, the co-founder, also commented on the news: “We are successful because we are highly responsive and build features to suit our clients’ needs.
“This funding allows us to continue to develop and enhance our platform for SMEs, as well as to evolve it to suit the growing number of large employers who, dissatisfied with their current provider, are looking to use the Smart Pension platform instead,” concluded Wynne.
Today’s announcement follows on from Smart Pension’s £3.3m Series A round, which closed in June last year.