Private equity firm Aquiline Capital Partners alongside existing investors provided a £76 million ($96 million) investment in U.K. retirement and technology platform Smart Pension in its latest funding round.
The funding will bolster Smart Pension's expansion plans, finance near-term acquisitions as well as help with distribution of its retirement savings technology platform, Keystone, said a news release Monday.
Following the latest funding round, Smart Pension is expected to double its assets under management to £10 billion by the end of June 2023, it said in the news release.
A breakdown of investments by Aquiline, Chrysalis Investments, Fidelity International Strategic Ventures, DWS Group, Barclays and Natixis Investment Managers was not immediately available.
"We are on a mission to transform retirement, savings and financial well-being," said Andrew Evans and Will Wynne, co-founders of Smart Pension, in the news release. "We are the global leader in retirement technology and our industry-leading platform, Keystone, is being deployed by the biggest, most successful financial institutions around the world. This is a $62 trillion global sector in the early stages of being disrupted, and we are uniquely positioned to take advantage of that."
Jeff Greenberg, chairman and CEO of Aquiline, added in the release: "The U.K. remains at the forefront in the digitalization and democratization of retirement savings, and we are excited to support a U.K. leader in the sector as it helps to solve pressing issues facing savers, financial institutions and governments across the world."
Lazard acted as financial adviser to Smart in relation to the funding round. Perella Weinberg Partners acted as financial adviser to Aquiline.
A Smart Pension spokesman could not be reached to provide further details.
