UK’s first app-based pension provider Collegia secures £500K funding ahead of its launch
Everyone should have a flexible pension plan, which can be accessible in real-time, transportable between employers, stress-free to access, and suitable for periods of self-employment. Eyeing to serve these purposes, UK-based Collegia, the country’s first only app-based auto-enrolment and personal pensions provider is planning to launch in June. Now, ahead of its launch, the company secured £500K in funding.
The funding attracted global investors including Hong Kong-based angel investment, individual and family office investors from Italy, Dubai, Brazil and the UK. The investment follows existing support from Oxford University Incubator and private investors.
Collegia will use the funds to support its UK launch this June and continued development of its Auto Enrolment pension technology. It is aimed at a market that serves 10.2 million workers, over 1.6 million employers, and has annual investments of over £90 billion.
Marco Yi, investor said; “With the sole focus of attracting funds under management the Auto-Enrolment sector has lost sight of its primary objective – to look after employees. We are confident that the government and regulators will have to start taking this seriously, which is why we see such promise from innovative players like Collegia, in an market that is ripe for change.”
True pension for life!
Founded by Eduardo Chazan and Riccardo Gasparini, Collegia was built on three purposes that make it a true pension for life. It is better for individuals, employers, and the environment. Well, Collegia partnered with Alliance Bernstein, the world’s leading ESG investment provider, and Collegia funds will be ESG compliant. Recently, the company was awarded FCA and HMRC approval for its novel approach to improving Auto Enrolment provision in the UK.
Eduardo Chazan, founder and CEO, Collegia, commented: “Worth almost $100 billion annually, the UK Auto-Enrolment market serves more than 10 million employees and 1.6 million businesses. But the products on offer to employees and employers alike are unfit for purpose, with an almost complete lack of innovation. Millions of employees have no access to an APP and the industry is still debating how to produce a better ‘annual’ statement.”