Smart Revenue, Valuation, Funding & Investors

Smart is valued at $564M as of May 2023, a 6.3x multiple on its last reported $89M revenue.

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Last Smart valuation

$564M

Series E · May 2023

Last Smart funding round

Undisclosed stage

Amount undisclosed · Mar 2024

Smart revenue

$89M

Series E · May 2023

Key investors in Smart

Smart Overview

About Smart

Smart is a London-headquartered digital pensions platform offering workplace pension schemes and custom software for retirement savings. It manages auto-enrolment programs, master trusts, and international pension administration through cloud-based tools that handle contributions, investments, and compliance for employers worldwide.


Founded

2014

HQ

United KingdomLondon

Website

smart.co

Status

Privately held

Customer focus

B2B

Revenue model

Subscription

Revenue

$89M (May 2023)

Valuation

$564M (May 2023)

Smart Valuation

Smart is currently valued at $564M, based on its Series E in May 2023.

The $95M round was led by Aquiline Capital Partners, with participation from Natixis Asset Management, Chrysalis Investments, Fidelity International Strategic Ventures, Barclays and DWS Strategic Municipal.

Smart's valuation has grown 6.7x from $85M at its Series B in June 2017 to $564M in May 2023, across 2 priced rounds.

Smart valuation by funding round

Revenue multiple
Smart valuation by funding round
DateStageValuationRevenue Multiple
May 2023Series E$564M6.3x
Jun 2017Series B$85M-

Smart Revenue

Smart's latest recorded revenue is $89M, as of its Series E in May 2023. At a $564M valuation, that implies a 6.3x revenue multiple.

Smart revenue by funding round

Smart revenue and valuation multiple by funding round
DateRevenue *ValuationRevenue MultipleStage
May 2023$89M$564M6.3xSeries E

* Revenue (or ARR) figures are the values recorded alongside each funding round. Typically run-rate revenue at the time of the deal, or a reported LTM (last 12 months) revenue.

Smart Funding History

Smart has raised a total of $244M across 6 funding rounds, plus 1 secondary share sale.

Smart's first fundraising round was a $4M Series A in June 2016. The most recent completed round was a undisclosed-stage round in March 2024.

Smart funding rounds

Smart funding rounds
DateStageInvestorsRaisedValuationDeal Summary
Mar 2024Undisclosed stageChrysalis Investments--Chrysalis Investments announced on 7 March 2024 that it had committed a further GBP 4 million to Smart Pension alongside certain other investors, following a GBP 2 million investment in the same company on 16 January 2024. The two tranches took the combined commitment to about GBP 6 million and the terms led Chrysalis to write up its carrying value, an uplift it estimated at roughly 3.7 pence per share against the December 2023 net asset value. Smart said the money would accelerate growth, including through mergers and acquisitions, and support its drive towards profitability. Smart, which trades in the UK as Smart Pension, runs a workplace pension scheme for employers and licenses its Keystone retirement technology platform to financial institutions internationally, earning platform and administration fees on assets it administers and technology fees from institutional clients. Founded in London in 2014 by Andrew Evans and Will Wynne, it operated the UK's third-largest master trust at the time, with 1.3 million members and close to GBP 5 billion of assets, within a group total of about GBP 12.5 billion.
May 2023Series EAquiline Capital Partners (lead); Natixis Asset Management; Chrysalis Investments; Fidelity International Strategic Ventures; Barclays; DWS Strategic Municipal$95M$564MSmart is a London-headquartered fintech providing a global savings and investments technology platform focused on transforming retirement, savings, and financial wellbeing. It partners with governments and financial institutions, including insurers, asset managers, banks, and advisers, to deliver digital, bespoke, and cost-efficient retirement solutions. Operating in the UK, USA, Europe, Australia, and the Middle East, Smart serves over a million savers with more than £5.5 billion in assets under management (AUM) as of May 2023, expected to exceed £10 billion by end of June 2023 post-funding. On 15 May 2023, Smart closed a $95 million Series E funding round led by Aquiline Capital Partners, with participation from existing investors Chrysalis Investments, Fidelity International Strategic Ventures, DWS, Barclays, and Natixis Investment Managers. The funds will support global expansion, investment in its proprietary Keystone workplace retirement savings technology platform, and near-term acquisitions. Smart demonstrated strong growth with group revenue of £67 million in 2022, a 65% year-over-year increase, and was ranked among Europe’s fastest-growing companies by the Financial Times in February 2023. The company achieved scale and profitability in the UK via Smart Pension and is expanding internationally, targeting the $62 trillion global retirement sector. Aquiline's involvement brings deep retirement technology expertise, with Charles Janeway joining the board. This round underscores investor confidence in UK fintech amid a challenging environment, positioning Smart for multi-billion-pound scale through commercial growth, M&A, and digital disruption in retirement savings.
Jul 2022Undisclosed stageCIBC Innovation Banking (lead)$49M-Smart is a London-based fintech providing retirement savings technology globally, with its flagship Keystone platform enabling employers to manage workplace retirement savings and operating one of the UK's major auto-enrolment master trusts supporting over 1.5 million savers and 90,000 employers. In July 2022, CIBC Innovation Banking provided £40 million ($47.3 million) in growth financing (described as debt facility in related coverage) to fuel expansion, marking the start of their partnership as referenced in later announcements. The company has attracted equity investors including Aquiline Capital Partners, Legal & General Investment Management, J.P. Morgan, and others. By 2025, Smart secured a £60 million syndicated credit facility led by CIBC Innovation Banking to support ongoing growth and UK market consolidation opportunities, with CFO Eoin Corcoran noting recent profitability achievement.
Jun 2021SecondaryChrysalis Investments (lead)$76M--
Jun 2021Series DChrysalis Investments (lead)$76M-Smart, a global savings and investments technology platform, announced a £165m Series D funding round on approximately June 27, 2021, led by Chrysalis Investments with a £75m equity investment. Prior investors include Legal & General, J.P. Morgan, Link Group, Barclays, and Natixis Investment Managers. The funds aim to expand Smart's retirement technology platform in the UK, US, Australia, Middle East, and additional territories. In 2020, assets on the platform grew over 160% to £1.8bn, with rollouts to New Ireland Assurance, Zurich, and Dubai International Financial Centre amid the pandemic. Chrysalis, advised by Jupiter Asset Management, has backed companies like Klarna, Wise, Starling Bank, The Hut Group, Graphcore, and wefox.
Jun 2017Series BLOVEFiLM; Graze; William Reeve; Tom Valentine; Outrun Ventures$20M$85M-
Jun 2016Series AWilliam Reeve; Edward Asseily; Tom Valentine; Outrun Ventures$4M--

Who has invested in Smart?

13 investors have backed Smart across its funding rounds, including Chrysalis Investments, Outrun Ventures, William Reeve, Tom Valentine, Barclays and Aquiline Capital Partners.

Lead investors include Aquiline Capital Partners, CIBC Innovation Banking and Chrysalis Investments.


Smart Investors

Investors in Smart by funding rounds participated
InvestorHQRoundsRoleFirst check
Chrysalis InvestmentsUnited KingdomLondon4LeadJun 2021
William ReeveUnited KingdomLondon2ParticipantJun 2016
Tom ValentineUnited KingdomUnited Kingdom2ParticipantJun 2016
Outrun VenturesUnited KingdomLondon2ParticipantJun 2016
LOVEFiLMUnited KingdomLondon1ParticipantJun 2017
Natixis Asset ManagementFranceParis1ParticipantMay 2023
Aquiline Capital PartnersUnited StatesUnited States1LeadMay 2023
GrazeUnited KingdomLondon1ParticipantJun 2017
Fidelity International Strategic VenturesUnited KingdomLondon1ParticipantMay 2023
Edward AsseilyUnited KingdomLondon1ParticipantJun 2016
BarclaysUnited KingdomLondon1ParticipantMay 2023

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Benchmark 350K+ Funding Rounds and Disclosed VC Valuation Multiples

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Acquisitions by Smart

Smart has acquired 2 companies to date.

Last acquisition by Smart was on July 17th 2023. Smart acquired Evolve Pensions for undisclosed valuation.


Latest Acquisitions by Smart

Evolve Pensions
Stadion Money Management
Description
Evolve Pensions is a UK provider of outsourced workplace pension administration and consultancy services. The firm supports defined benefit schemes with governance, actuarial valuations, and trustee secretarial duties. Evolve Pensions handles compliance reporting under The Pensions Regulator guidelines and investment monitoring for employers and trustees. Based in Leeds, it manages schemes for public and private sector clients seeking cost-effective expertise.
Stadion Money Management is a Watkinsville, Georgia-headquartered registered investment advisor managing tactical asset allocation strategies. The firm oversees approximately $4 billion in assets under management through mutual funds, separately managed accounts, and model delivery platforms. Stadion serves individual investors, financial advisors, and institutions with risk-managed portfolios emphasizing capital preservation and growth via proprietary tactical models across equities, fixed income, and alternatives.
HQ CountryUnited KingdomUnited States
HQ City
-
Athens, GA
Deal Date17 Jul 20236 Jan 2022
Valuationundisclosedundisclosed
EV/Revenue
EV/EBITDA

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Smart Competitors

Smart competitors include listed companies like Teamshares and Miroku Jyoho Service, and private ones like Digits, Fi.Money, Datarails and Khatabook.

Public and private companies comparable to Smart
CompanyHQStatusRevenueEBITDAValuationRevenue Multiple
DigitsUnited StatesUnited StatesPrivate--$565M-
Fi.MoneyIndiaBangalorePrivate--$565M-
DatarailsUnited StatesUnited StatesPrivate$100M-$550M5.5x
TeamsharesUnited StatesUnited StatesPublicly listed$472M($23M)$545M1.4x
KhatabookIndiaBangalorePrivate$9M-$600M66.7x
Miroku Jyoho ServiceJapanJapanPublicly listed$315M$58M$396M1.1x

Smart Public Comps

Smart is still privately-owned, but its public comps include Teamshares, Miroku Jyoho Service, Nordtech Group, Baiwang Cloud, Fujian Boss Software, Avant Group, Zaggle Prepaid Ocean, MCAP, Expensify and 74Software.

Last FYEV/RevenueEV/EBITDA
RevenueEBITDALast FYLTM2027ELast FYLTM2027E
Teamshares$472M($23M)1.7x1.4x(35.0x)33.2x
Miroku Jyoho Service$315M$58M1.1x1.1x6.0x-
Nordtech Group$72M$15M5.1x-25.2x-
Baiwang Cloud$109M$433K2.6x2.7x648.3x-
Fujian Boss Software$299M$40M2.8x2.9x21.1x21.0x
Avant Group$181M$35M1.0x0.9x5.3x5.7x
Zaggle Prepaid Ocean$199M$20M1.0x1.0x10.4x10.7x
MCAP------

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Common questions about Smart

When was Smart founded?Smart was founded in 2014.
Where is Smart headquartered?Smart is headquartered in London, United Kingdom.
Is Smart publicly listed?No, Smart is a private, VC-backed company.
What is Smart's valuation?Smart was last valued at $564M in its Series E in May 2023.
How much funding has Smart raised?Smart has raised $244M across 6 funding rounds.
What was Smart's last funding round?Smart's last funding round was a undisclosed-stage round in March 2024.
Who are Smart's investors?Smart's investors include Chrysalis Investments, William Reeve, Tom Valentine, Outrun Ventures, LOVEFiLM, Natixis Asset Management, Aquiline Capital Partners, Graze, Fidelity International Strategic Ventures, Edward Asseily and 3 others.
What is Smart's revenue?Smart's latest recorded revenue is $89M (May 2023).
What is Smart's revenue multiple?Smart's latest valuation implies a 6.3x revenue multiple ($564M valuation on $89M of revenue).
Which companies are comparable to Smart?Companies comparable to Smart include Digits, Fi.Money, Datarails, Teamshares, Khatabook and Miroku Jyoho Service.
How many companies has Smart acquired?Smart has acquired 2 companies, including Evolve Pensions and Stadion Money Management.

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