JP Morgan brings investment in FinTech pension provider to £50m
JP Morgan has taken a minority equity stake in a workplace pensions and technology company.
London-based Smart Pensions secured the undisclosed investment as part of a new funding round for the company, which it says has now raised £50m in total.
The company offers both workplace pensions through its master trust and a technology platform with accompanying app for savers.
Co-founded in 2014 by MD Will Wynne, Smart Pensions will take its savings platform technology into fresh global markets.
“In October we won our first international competitive tender to build a savings technology platform in Ireland,” said Wynne.
“This gives us an opportunity to demonstrate how our unique proprietary dynamic technology is plugging a huge gap in the workplace savings platform market, and performing on a global scale.
“We are now in early stage conversations with new strategic partners as the world’s financial institutions grapple with regulatory change and legacy technology.”
Anne Lester, global head of retirement solutions at J.P. Morgan asset management, will take a non-executive seat on the Smart board.
“We are investing in pensions and savings solutions and technology capabilities to help investors achieve better financial outcomes, reinforcing our commitment to putting clients first in every aspect of our business,” she Lester.
“Smart Pension has demonstrated how financial technology can have a positive impact by making it easier both for people to save for retirement and for companies to offer pension plans to their employees.”