Pension startup secures £3.3 million in funding

A London-based startup company has secured £3.3 million in funding to enable it to expand its customer base.

Smart Pension is an auto-enrolment pension company that provides pension solutions for small businesses.

The company has secured funding from top business names, including Tom Valentine, who co-founded travel company Secret Escapes, and William Reeve, who has invested in well-known companies such as property website Zoopla.

Influx

Smart Pension was first launched in 2015 by Andrew Evans and Will Wynne and has so far provided services for 8,500 companies, which accounts for 60,000 employees.

So far, £5 million has been invested into the company. The company is now planning to use the investment to expand its customer base and expects around 1.75 million business customers to sign up with the service before the auto-enrolment deadline in February 2017.

Last month, Smart Pension joined a list of pension companies, such as The People’s Pension and National Employment Savings Trust, with Master Trust Assurance Framework’ accreditation, which was developed by the Institute of Chartered Accountants in England and Wales.

Territories

Speaking about Smart Pension’s aims, Wynne stated that if the company is successful in the UK, then it will be in a position to move on to other countries.

“If we do a good job in the UK, then we will be in a good position to look at other territories. Germany and Ireland are currently talking about auto-enrolment and many other countries also have ageing demographics and insufficient pension pots,” he said.