Smart, the UK-based FinTech firm specializing in global retirement savings technology, has secured a €69.4 million credit facility. This funding, arranged by CIBC Innovation Banking as the lead arranger and agent, aims to bolster Smart’s growth plans amid a rapidly consolidating UK market. Investors include Aquiline Capital Partners, Legal & General Investment Management, J.P. Morgan, Link Group, Natixis Investment Managers, Barclays, Chrysalis Investments, DWS Group, and Fidelity International Strategic Ventures.
Eoin Corcoran, Smart’s CFO, expressed satisfaction with the company’s recent growth and profitability achievements, emphasizing CIBC Innovation Banking’s role since 2022. The support will enhance Smart’s innovative retirement solutions and capitalize on UK market opportunities as consolidation accelerates.
Founded in 2014 by Andrew Evans and Will Wynne, Smart is a global savings and investments technology provider that simplifies employer retirement savings management. Its Keystone platform—a global, cloud-based system—is tailored for governments and financial institutions, offering digital, customized, and cost-effective retirement solutions.
Smart operates one of the “big four” UK auto-enrolment master trusts, the Smart Pension Master Trust, serving over 1.5 million savers and 90,000 employers, managing assets exceeding £10 billion on its Keystone platform. As a leading UK workplace pension provider, it is backed by industry giants like Legal & General Investment Management and J.P. Morgan. Beyond the UK, Smart’s presence spans the US, Europe, the Middle East, and Asia, managing assets over €11.5 billion with more than 1.5 million savers globally.
Sean Duffy, Managing Director & European Market Lead at CIBC Innovation Banking, praised Smart’s advanced technology and sector expertise as key success factors, reiterating support for Smart’s mission to transform global retirement savings and financial well-being.