CIBC Innovation Banking Provides £40 Million Growth Financing to Fintech Company Smart to Accelerate Growth and Acquisitions
LONDON–(BUSINESS WIRE)–July 14, 2022–
CIBC Innovation Banking is pleased to announce £40 million of growth financing for London-based Smart, a leading retirement technology provider. Smart will use the capital to expand its market growth, accelerate the launch of strategic products, and undertake acquisitions.
Smart launched in 2015 with the goal of making pension auto-enrolment and administration simple for businesses and their employees. The company has since expanded to work with financial institutions and governments across the world, including through its core technology platform Keystone.
“We’re delighted to have CIBC Innovation Banking support Smart, helping us accelerate our near-term growth ambitions, increase our presence in core markets, and roll out product initiatives to transform retirement across the world,” said Eoin Corcoran, Chief Financial Officer of Smart. “Our technology is already helping more than a million people save and plan for retirement. We operate across four continents, and our growth plans will soon take us beyond ten million users. Our company is uniquely positioned to capitalise on the $62 trillion global retirement savings market, and this facility will strengthen our ability to do exactly that.”
“We’re thrilled to be supporting Smart as they continue to scale their offering for retirement technology to savers across the globe in partnership with financial services organizations, governments, and state legislatures,” said Sean Duffy, Managing Director in CIBC Innovation Banking’s London, UK office. “Smart and its team have provided solutions to more than 100,000 companies and we look forward to being part of their growth journey through the development of new strategic products.”
Smart is also backed by Legal & General, J.P. Morgan, Link Group, Natixis, Barclays, Chrysalis Investments, DWS Group, and Fidelity International Strategic Ventures.
About CIBC Innovation Banking
CIBC Innovation Banking delivers strategic advice, cash management and funding to innovation companies across North America, the UK, and select European countries at each stage of their business cycle, from start up to IPO and beyond. With offices in Atlanta, Austin, Boston, Chicago, Denver, London, Menlo Park, Montreal, New York, Reston, Seattle, Toronto and Vancouver, the team has extensive experience and a strong, collaborative approach that extends across CIBC’s commercial banking and capital markets businesses.
Smart is a global savings and investments technology platform provider. Its mission is to transform retirement, savings and financial well-being around the world. Smart partners with governments and financial institutions (including insurers, asset managers, banks, financial advisers) to deliver retirement savings and income solutions that are digital, bespoke and cost efficient. In addition to the UK, Smart operates in the USA, Europe, Australia and the Middle East with more than a million savers entrusting over £4 billion in assets to the platform.
Smart supports its clients with a 750 strong global team.
Legal & General, J.P. Morgan, the Link Group, Barclays, Natixis Investment Managers, Chrysalis Investments, DWS Group, and Fidelity International Strategic Ventures are all investors in Smart.
For more information, please visit www.smart.co.
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