LGIM invests undisclosed sum in fintech firm Smart Pension

(Correction: The second paragraph has been edited as the statement on the amount of investment did not come from the official spokesperson.)

Fintech startup Smart Pension announced that it has received an undisclosed amount of investment from Legal & General Investment Management (LGIM) which is a European asset manager.

The fintech company has previously closed a £3.3m Series A round that drew support from a range of angle investors including Ed Asseily, Secret Escapes co-founder Tom Valentine among others which brought the company’s total funding to £5m. According to Tech City News, although the amount remains undisclosed, it was understood to be higher than the Series A round.

Talking about the decision to invest in the fintech company, Mark Zinkula, CEO of LGIM said, “We are delighted to be investing in Smart Pension, and to be offering LGIM’s savings solutions to the many new savers starting to provide for their own retirement.” He also added saying, “In a short space of time, Smart Pension has built a powerful digital platform which has made auto-enrolment scalable and affordable for employers and their employees with minimum cost and disruption, thereby making saving for the future achievable for more UK workers.”

LGIM will take a minority stake in the digital pension platform as a part of the deal. It will also take a non-executive seat on the fintech company’s board.

“The market has responded very positively. We have already signed up thousands of employers and advisers and are now enabling tens of thousands of employees to save into a pension for the first time. Smart Pension ensures that auto-enrolment can be a success for all workers in Britain,” Andrew Evans, Smart Pension co-founder and CEO said.

Being the UK's fastest one-stop solution for auto enrollment, Smart Pension was founded by experienced finance & technology professionals and has been designed specifically to support UK businesses faced with the challenges of auto enrollment. Smart Pension's Adviser Platform has been designed for accountants, bookkeepers, payroll bureaus and payroll software providers, HR, independent financial advisers and other advisers to manage a portfolio of clients through auto enrollment.