JP Morgan takes minority stake in Smart Pension
JP Morgan has invested in workplace pensions startup Smart Pension as part of a fresh equity funding round.
Smart Pension is a defined contribution master trust pension scheme setup for UK employers to automatically enrol employees in a workplace pension scheme that meets the required legislative standards
The size of the round was undisclosed, but Smart Pension said it had raised around £50m to date. JP Morgan took a minority equity stake as part of the deal, while Smart Pension added it is in early-stage talks with other strategic partners globally.
"We are delighted to have secured this investment from JP Morgan, as it signifies a positive step in our growth and international reach," said Smart Pension chief executive Andrew Evans.
"Our journey has just started, the opportunities to disrupt and do things differently in this sector are staggering, and we will be leading the way."
Other Smart Pension backers include Legal & General Investment Management and prolific UK angel investor Chris Adelsbach.