Collegia, the UK’s first combined Auto-Enrolment (workplace pension) and Personal Pensions has raised £500,000 ahead of its June launch.
Collegia will use the funds to support its UK launch this June and continued development of its Auto Enrolment pension technology.
Collegia is the UK’s only APP based Auto Enrolment pension provider that also offers the flexibility of a personal pension, meaning that it is transportable between employers and for periods of self-employment - making it a true pension for life. It recently was awarded FCA and HMRC approval for its novel approach to improving Auto Enrolment provision in the UK.
The funding attracted global investors including Hong Kong based angel investment, individual and family office investors from Italy, Dubai, Brazil and the UK.
Collegia is led by founders CEO Eduardo Chazan and COO Riccardo Gasparini who met whilst studying their MBAs at Oxford Said Business School.
The company is built on three key pension goals:
• Better for individuals - APP based, real time, portable and rich functionality vastly enhances user understanding and experience.
• Better for Employers - positioning Collegia as a benefit for employees rather than a cost to employers, at the same time reducing administration and enhancing service.
• Better for the environment - Collegia partners with Alliance Bernstein, the world’s leading ESG investment provider, and Collegia funds will be ESG compliant.
Eduardo Chazan, founder and CEO, Collegia, comments: “Worth almost $100 billion annually, the UK Auto-Enrolment market serves more than 10 million employees and 1.6 million businesses. But the products on offer to employees and employers alike are unfit for purpose, with an almost complete lack of innovation. Millions of employees have no access to an APP and the industry is still debating how to produce a better ‘annual’ statement.”
"Everyone should have a pension that is fully accessible in real time, transportable between employers and adaptable to periods of employment and self-employment. It has to be welcoming, stress free, and critically, to offer investment choices such as access to ESG investments.”
Marco Yi, investor; “With the sole focus of attracting funds under management the Auto-Enrolment sector has lost sight of its primary objective - to look after employees. We are confident that the government and regulators will have to start taking this seriously, which is why we see such promise from innovative players like Collegia, in an market that is ripe for change.”