Digital WealthTech firm Smarterly has raised £7 million in a Series A funding round led by Major Oak and topped up by angel and crowdfunding investors.
The London-based firm, which is valued at £19.5 million on crowdfunding platform Seedrs, provides a platform that integrates directly with employee payrolls, drawing down funds for direct investment in Investment Savings Accounts. The company currently has contracts with some 100 businesses and £230 million in assets under management on behalf of 80,000 users.
Smarterly co-founder Phil Hollingdale says the cash injection will be used to complete the recent acquisition of workplace pension firm Salvus, with the rest dedicated to product development and market growth.
“Smarterly is changing the face of workplace savings, particularly as we move into unchartered territory of the working world post-Covid-19," says Hollingdale. "Financial wellbeing is no longer one dimensional, it’s about supporting employees throughout their entire life journey.”