Chrysalis Investments invested £75 million ($104 million) in global retirement savings technology platform provider Smart, in efforts to help the firm with its global expansion plans.
The size of the stake acquired by Chrysalis wasn't disclosed, a spokeswoman said. Chrysalis Investments became a strategic investor alongside Legal & General, J.P. Morgan Chase, the Link Group, Barclays and Natixis Investment Managers.
Smart also runs the £1.8 billion defined contribution multiemployer plan Smart Pension Master Trust, London.
Chrysalis was one of a number of investors that invested in Smart in its latest funding round, which amounted to £165 million. Additional investors will be announced in the coming weeks, a news release said Monday.
"Chrysalis Investments joins us at a really exciting time. Smart's achievements over the last 12 months are testament to our amazing team, and also to the incredible resilience of both our operating model and the Smart platform that we deploy for large financial institutions and national governments. With close to a million savers on our platform already, we now have straight line visibility through to well over five million savers on the platform within the next 24 months," Andrew Evans and Will Wynne, co-founders of Smart, said in the release.
