In an effort to transform retirement, savings and financial well-being in the UK and globally, London-based Smart, the rapidly growing global provider of retirement technologies, announced that DWS Group (DWS ) has joined its £ 165million streak. D round table, minority stake acquisition. This follows the recent announcement that Chrysalis Investments has joined the startup’s prestigious list of investors.
Stellar list of investors
The investment of DWS, one of the world’s leading asset managers with € 859 billion in assets under management, known for its excellence in Europe, the Americas and Asia, strengthens Smart’s position as as a major disruptor in the global retirement technology industry, delivering better outcomes for savers as they move into retirement and beyond. The platform’s technology powers its own captive master trust, one of the ‘Big Four’ main auto-enrollment trusts in the UK, as well as partnerships with major financial institutions internationally, including Zurich. in Dubai and New Ireland Assurance in Ireland.
Existing investors include Chrysalis Investments (whose portfolio of 12 companies includes Wise and Starling Bank), Barclays, JP Morgan, Legal & General Investment Management, Link Group and Natixis Investment Managers. Chrysalis Investments leads the Series D round with an investment of £ 75million.
Smart’s tech platform serves nearly one million savers and is poised to support 5 million savers over the next 24 months, from £ 100million to £ 2bn in one little more than two years.
Tapping into the global retirement market
“We look forward to the opportunity to work with an innovative technology retirement disruptor who is growing fast and well positioned to compete in both the UK and global retirement market. Increasingly, defined contribution savers are looking to diversify their returns across a wider range of asset classes, and we believe that DWS ‘asset management capabilities in private and listed markets mean that we are ideally positioned to meet their evolving needs, ”said Dirk Goergen, member of the DWS Group Executive Committee and, as Head of Client Coverage Division, responsible for sales management and global business strategy.
Mark Cullen, DWS Group Board Member and COO, added: “Acquiring a minority stake in Smart is an exciting investment opportunity for DWS given the growth prospects of the company. defined contribution retirement savings in the UK and around the world. We believe that the strength of Smart’s technology platform underpins their current success and that DWS’s asset management capabilities have the potential to help Smart achieve its global ambitions.
Savings and financial well-being
Smart co-founders Will Wynne and Andrew Evans commented: “Along with our other strategic investors, we are delighted to announce that DWS Group is an investor in Smart. We are delighted with their recognition of Smart’s journey to date and the huge additional opportunity that awaits us in the global $ 55 billion retirement savings market, which means they are joining us as one. investor and partner to help us fuel our global growth as a wave of legislative change sweeps the world. Our mission is to “transform retirement, savings and financial well-being, across all generations, around the world”. With strategic partners such as DWS Group and our existing investor group, we are in an ideal position to continue to do this job, providing governments, financial institutions, employers and savers around the world with a better financial future. “