Smart, a London-based company that provides retirement technology, has raised 40 million pounds ($47.5 million) in growth financing from CIBC Innovation Banking, according to a Thursday (July 14) press release. Smart will use the funding to expand its market growth, launch new products and make acquisitions.
Launched in 2015, Smart initially set out to make pension auto-enrollment easier for companies and their workers, but has since branched out to work with financial institutions and governments worldwide through its technology platform Keystone.
To date, the company says it has helped more than 1 million people plan and save for retirement. It does business on four continents and says its growth plans are set to take it beyond 10 million users.
Smart CFO Eoin Corcoran said the funding will help the company “accelerate our near-term growth ambitions, increase our presence in core markets, and roll out product initiatives to transform retirement across the world.”
See also: Inflation Prompts Americans to Save Less, Delay Retirement
Retirement is becoming more and more difficult for Americans, as PYMNTS reported in May, with 25% of U.S. workers altering their retirement plans due to inflation.
That’s according to the BMO Harris Bank Real Financial Progress Index, which found that 36% of Americans have reduced their savings rate and 21% have lowered savings for retirement.
“Prices across the board — from cars and gasoline to groceries and other everyday essentials — are rising at the fastest pace since the 1980s,” said Paul Dilda, head of consumer strategy for BMO Harris Bank.
Smart’s other backers include Legal & General, J.P. Morgan, Link Group, Natixis, Barclays, Chrysalis Investments, DWS Group, and Fidelity International Strategic Ventures.
Read more: CIBC Pledges $12M to Help Salon-Booking App Phorest Grow
In March, CIBC invested $12 million in growth financing in Phorest, a Dublin-based online booking and management software platform used by salon owners.
Phorest said it would use the funding to expand its market growth and accelerate the launch of new products. The company has a client base of more than 155,000 hair, beauty and clinic professionals, who use the software to reduce administrative burdens.
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