JP Morgan takes minority stake in Smart Pension
JP Morgan has taken a minority equity stake in UK workplace pensions provider Smart Pension.
No financial details were disclosed. In terms of the bigger picture, this brings Smart’s total funds raised to date to £50 million.
Will Wynne, Smart Pension co-founder and MD, says: “In October we won our first international competitive tender [with New Ireland Assurance] to build a savings technology platform in Ireland. 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.”
The firm says it is also in early-stage conversations with new partners globally. No details on any of that.
Smart was co-founded in 2014 by Andrew Evans (CEO) and Wynne, and launched in May 2015.
Legal & General Investment Management (LGIM) took a minority stake in the digital pension platform in 2016.
Back in November 2018, Smart developed a “financial well-being” solution powered by Envizage’s guidance engine.
Incorporating elements of e-learning, the application will use Envizage’s data-driven future analytics simulation to deliver a scenario modelling approach.