CIBC Innovation Banking Provides £40 Million Growth Financing to Fintech Company Smart to Accelerate Growth and Acquisitions
Summary
LONDON--(BUSINESS WIRE)--CIBC Innovation Banking is pleased to announce \xa340 million of growth financing for London-based Smart, a leading retirement technology provider. The company has since expanded to work with financial institutions and governments across the world, including through its core technology platform Keystone.Were delighted to have CIBC Innovation Banking support Smart, helping us accelerate our near-term growth ambitions, increase our presence in core markets, and roll out product initiatives to transform retirement across the world, said Eoin Corcoran, Chief Financial Officer of Smart. Our company is uniquely positioned to capitalise on the $62 trillion global retirement savings market, and this facility will strengthen our ability to do exactly that.Were thrilled to be supporting Smart as they continue to scale their offering for retirement technology to savers across the globe in partnership with financial services organizations, governments, and state legislatures, said Sean Duffy, Managing Director in CIBC Innovation Bankings London, UK office. With offices in Atlanta, Austin, Boston, Chicago, Denver, London, Menlo Park, Montreal, New York, Reston, Seattle, Toronto and Vancouver, the team has extensive experience and a strong, collaborative approach that extends across CIBCs commercial banking and capital markets businesses.Smart is a global savings and investments technology platform provider. In addition to the UK, Smart operates in the USA, Europe, Australia and the Middle East with more than a million savers entrusting over \xa34 billion in assets to the platform.Legal & General, J.P. Morgan, the Link Group, Barclays, Natixis Investment Managers, Chrysalis Investments, DWS Group, and Fidelity International Strategic Ventures are all investors in Smart.For more information, please visit www.smart.co.