Legal & General Investment Management (LGIM) has invested in UK startup Smart Pension, which manages a digital auto enrollment platform.
The new financing, the size of which remained undisclosed, will enable Smart Pension to expand its product offering for small retirement schemes that are going through the auto enrollment process, company has announced.
They will have access to a range of LGIM DC pension funds through the Smart Pension platform.
As part of the transaction LGIM will receive a minority stake in the business and a non-executive director position.
Mark Zinkula, CEO of LGIM, said the asset management firm has decided to back Smart Pension as it recognises the need to embrace digital innovation in the technology age.
Smart Pension raised £3.3m in a Series A round backed by four individual investors in June this year.
The company, founded in November 2014 by Will Wynne, has designed a platform that offers auto-enrollment portfolio management to accountants, bookkeepers, payroll bureaus and payroll software providers, HR, independent financial advisers and other advisers in the UK.
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