Smart Pension clinches £3.3m from heavyweight tech investors
Funding from Tom Valentine and William Reeve will help the London start-up to prepare customers in advance of the auto-enrolment deadline
Smart Pension, the auto-enrolment pension start-up which featured in our 12 days of Startups feature, has closed £3.3m from high-profile names such as Tom Valentine, co-founder of Secret Escapes; and William Reeve, investor in Graze.com, Zoopla and LoveFilm.
Launched in 2015 and founded by Andrew Evans and Will Wynne, Smart Pension seeks to provide businesses with a compliant, end-to-end auto-enrolment workplace pension solution.
There is no charge to employers to use the service, with members paying the equivalent of £1.50 on an average salary for the service.
To date, 8,500 firms have signed up to the platform, accounting for 60,000 individual employees.
The funding brings Smart Pension’s total investment to £5m and will be used to grow its customer base – the company said expects an influx of “around 1.75 million business customers” ahead of the auto-enrolment deadline in February 2018.
“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.”