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Thursday 21 May 2020

Smarterly looks to grow following Salvus acquisition

SmarterlyUK fintech, Smarterly, has successfully raised an additional £7m to help fund the growth of its workplace wealth management platform. Family firm, Major Oak, provided £5m of the investment, with the rest of the cash coming via crowdfunding and existing backers.

The startup was co-founded in 2017 by CEO, Ben Pollard, who previously spent 10 years with consulting actuaries, Tillinghast (Towers Perrin), prior to becoming chair of his family’s 200-year-old printing business, William Pollard and Co.

Smarterly provides a fully automated savings and investment platform that delivers a variety of workplace savings options, payable via salary deduction. Part of the money raised has helped fund the company’s recent acquisition of workplace pensions provider Salvus Master Trust, whilst the remainder will be used to develop the fintech’s offering.

Smarterly works with over 100 businesses and currently has around 80,000 customers and £230m assets under management. The company is seeking to transform the workplace wealth management space by using innovative approaches to encourage people to save and invest via payroll deduction.

Tools such as the Smarterly platform can help encourage employees to save by simplifying the process and also provide the ability to invest at source, gross of income tax. Whilst there are already a number of established providers in the space, as well as other newcomers, there is still room for further innovation. Following the impact of lockdown and COVID-19, personal financial management may well to move up the agenda for many people.

Posted by: Jon C Davies

Tags: wealthmanagement   PFM   workplacesavings  

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