CIBC Innovation Banking Secures £60 Million for Smart’s Growth

CIBC Innovation Banking has announced its role as the lead arranger and agent for a substantial £60 million credit facility granted to Smart, a fintech company based in London. This significant funding will support Smart’s ongoing growth initiatives and enable the company to capitalize on opportunities within the rapidly consolidating UK market.

Smart is recognized as a global provider of savings and investments technology, facilitating seamless enrollment for employers and efficient management of retirement savings for employees. Its flagship product, Keystone, is a cloud-native workplace retirement savings platform that has gained traction across multiple countries. Additionally, Smart oversees one of the UK’s largest auto-enrolment master trusts, the Smart Pension Master Trust, which currently supports over 1.5 million savers and more than 90,000 employers.

Funding to Drive Innovation and Growth

In a statement regarding the funding, Eoin Corcoran, Chief Financial Officer of Smart, expressed enthusiasm for the company’s accomplishments in recent years. He noted the importance of reaching profitability and highlighted CIBC’s role in supporting Smart’s journey since 2022. Corcoran stated, “We are delighted with the growth we’ve achieved 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.”

The funding will also position Smart to take advantage of evolving market dynamics as the UK’s retirement savings sector undergoes significant consolidation.

Commitment to Transformation in Retirement Savings

Sean Duffy, Managing Director and European Market Lead at CIBC Innovation Banking, commented on Smart’s potential for success. He remarked, “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.”

The partnership between CIBC Innovation Banking and Smart signifies a commitment to innovation in the financial technology sector, particularly in solutions that enhance retirement savings. As the demand for effective retirement solutions grows, both companies are poised to play a pivotal role in shaping the future of financial well-being for a global workforce.