Wealthtech firm Smarterly has raised £7 million in a Series A funding round led the family office of Major Oak that provided £5 million. The balance was provided by existing angel and crowdfunding investors. Smarterly has raised funding on Seedrs several times the last offering being in 2019 at a pre-money valuation of £16.7 million. According to Seedrs Secondary Market, Smarterly has an indicative valuation of £19.5 million.
Smarterly is a Fintech that integrates directly with an employer’s payroll system providing online savings and investment. Regulated by the FCA, Smarterly simplifies the investment process.
Founded in 2017, Smarterly was the first workplace savings provider to introduce a Lifetime ISA through payroll deduction. Smarterly now reports over 80,000 customers with £230 million in assets under management. The company works with over 100 businesses including many of the UK’s largest employers.
Smarterly states that some of the investment was used to complete the recent acquisition of Salvus. with the balance being focused on product development and market growth.
Phil Hollingdale, co-founder of Smarterly commented on the funding:
“Smarterly is changing the face of workplace savings, particularly as we move into unchartered territory of the working world post-COVID-19. Financial wellbeing is no longer one dimensional, it’s about supporting employees throughout their entire life journey.”
Smarterly was founded by Ben Pollard, an actuary, who was underwhelmed with his own experience in setting up an ISA that he decided to build his own platform and simplify investing for everyone.