CIBC Innovation Banking Serves as Lead Arranger of a £60m Syndicated Debt Facility for Smart
London 13 August: CIBC Innovation Banking announced today that it acted as the lead arranger and agent of a £60m credit facility for Smart, a London-headquartered fintech that provides retirement savings technology globally. The funding will be used to support Smart’s future growth plans and leverage opportunities within a rapidly consolidating market in the UK.
Smart is a global savings and investments technology platform provider, helping employers easily enrol employees and manage their retirement savings. Its product, Keystone, is a global, cloud-native, workplace retirement savings platform. Smart also owns and operates one of “the big four” UK auto-enrolment master trusts, the Smart Pension Master Trust, serving more than 1.5 million savers and more than 90,000 employers.
Eoin Corcoran, Chief Financial Officer, Smart, said: “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.”
Sean Duffy, Managing Director & European Market Lead, CIBC Innovation Banking, said: “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.”
About CIBC Innovation Banking
CIBC Innovation Banking has 25 years of specialized experience in growth-stage tech and life science companies across North America – a longer track record than most banks. CIBC Innovation Banking now has over $11 billion in funds managed including life sciences, health care, cleantech companies, investors, and entrepreneurs, and has assisted over 700 venture and private equity-backed businesses over the past six and a half years. The bank operates out of 14 global locations in San Francisco, Menlo Park, New York, Toronto, London, Austin, Boston, Chicago, Seattle, Vancouver, Montreal, Atlanta, Reston, and Durham. Connect with us today to start the conversation.
About Smart
Smart is a global savings and investments technology platform provider. Its mission is to transform retirement, savings and financial wellbeing, across all generations, around the world.
Smart launched in 2015, its technology platform – Keystone – serves the needs of retirement savers globally. Keystone is specifically designed to help governments and financial institutions (including insurers, asset managers, banks and financial advisers) deliver retirement savings and income solutions that are digital, bespoke and cost efficient. In addition to the UK, Smart is operating in the US, Europe, Middle East and Asia, with more than 1.5 million savers entrusting over £10 billion in assets on its Keystone platform.
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 are all investors in Smart.
For more information, please visit Smart.co.
Contacts
Katarina Milicevic, katarina.milicevic@cibc.com, 416-784-6108