a year ago

Smart Raises £37.1M in Series E Extension, Makes Layoffs

  • Smart, a UK fintech startup providing pension management services to employers, has secured a £37.1m Series E extension from existing investors including Fidelity International Strategic Ventures and Chrysalis Investments

  • This brings the company's total funding raised to £336m

  • Smart has also confirmed layoffs, though they declined to disclose the number of employees affected

  • The startup's Keystone product caters to governments and corporates in the UK, Ireland, US, Middle East and Asia, managing £10bn worth of pensions globally

  • Smart aims to achieve group profitability by the end of 2024, following its UK business reaching profitability in 2022.

      • ProblemFinancial Services

      "Small and medium sized companies in the UK (and beyond) need an efficient, cost effective and compliant way to manage their employees' pensions. Current solutions are expensive and often difficult to use."

      Solution

      "Smart provides a SaaS solution for pension management for companies, making the process easy to understand and manage. Smart helps companies administer the pensions of their employees, while ensuring they meet all legal requirements. This allows companies to save money and time, and focus on their core business."

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