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Smart secures £60 million to expand UK retirement platform

Tue, 19th Aug 2025

CIBC Innovation Banking has acted as the lead arranger and agent for a GBP £60 million credit facility provided to Smart, a financial technology company based in London that supplies retirement savings technology internationally.

The facility is intended to enable Smart to continue expanding its business and to capitalise on new opportunities emerging within the UK retirement savings market, which is currently experiencing fast-paced consolidation.

Smart's market position

Smart operates Keystone, a cloud-native technology platform designed for workplace retirement savings. The company supports governments and financial service partners worldwide in offering digital infrastructure for retirement schemes. According to the company, Smart's platform supports over 1.5 million members and serves more than 90,000 employers across several markets.

Beyond its technology platform, Smart also manages one of the UK's largest auto-enrolment master trusts, the Smart Pension Master Trust. Through this, it claims to play a significant role in supporting retirement saving for employers and employees alike across the region.

Supporting future growth

The newly arranged funding will be used to accelerate Smart's growth plans as it seeks to build on what company executives describe as a profitable operation. The company's leadership highlighted both its financial achievements and longstanding relationship with CIBC Innovation Banking.

"We are delighted with the growth we've achieved in recent years alongside the important milestone of becoming a profitable business. CIBC Innovation Banking has been an important part of our journey since 2022 and their ongoing support will enable us to continue developing innovative solutions to help employees around the world save more effectively for retirement. This facility will also help us take advantage of opportunities that will come as the UK market consolidates at a rapid pace,"

said Eoin Corcoran, Chief Financial Officer at Smart.

CIBC Innovation Banking's perspective

CIBC Innovation Banking, which has a significant track record in arranging financing for growth-stage technology and life sciences companies, offered its support in securing the funding. The banking group highlighted its confidence in Smart's technology and strategy in the retirement sector.

"Smart's modern technology, coupled with sector expertise, is the factor for its success to date in the retirement and pension industry. We are thrilled to continue supporting the Smart team on its mission to help transform retirement, savings and financial well-being for employees, employers, financial institutions, and governments globally,"

said Sean Duffy, Managing Director & European Market Lead at CIBC Innovation Banking.

Funding landscape and investors

Smart has previously attracted investment from a number of financial institutions and investment firms, including Aquiline Capital Partners, Legal & General Investment Management, J.P. Morgan, Link Group, Natixis Investment Managers, Barclays, Chrysalis Investments, DWS Group, and Fidelity International Strategic Ventures.

The new credit facility represents another milestone for Smart as it aims to maintain and grow its presence in the UK and international retirement technology market while managing assets totalling over GBP £10 billion on its platform.

Industry backdrop

The UK retirement savings market has been undergoing a process of consolidation, with technology providers, pension funds, and trust managers seeking efficiencies and broader reach. Smart's strategy, as outlined by its leadership, places it in a position to respond to these market changes by providing technology and operational support to a spectrum of government and institutional partners at a global scale.

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