UK-based Smarterly raises £7 million in Series A funding

Source: IBS Intelligence 2020-05-20

UK-based digital WealthTech company Smarterly has reportedly raised £7 million in a Series A funding round led by Major Oak along with the participation of other angel and crowdfunding investors. The funding round that took place on the Seedrs website is expected to assist the company in its recent acquisition of workplace pension firm Salvus. It will also enable the company to accelerate its 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,” commented Smarterly’s co-founder Phil Hollingdale. “Financial wellbeing is no longer one dimensional, it’s about supporting employees throughout their entire life journey.”

Recently, Smarterly partnered with OakNorth Bank in a bid to offer its customers with a cash ISA savings option along with payroll integrated Investment ISAs. The partnership is expected to provide savings products to Smarterly’s direct customers. It is expected to give Smarterly customers access to OakNorth Bank’s savings platform along with competitive rates and FSCS protection.

Established in 2014 in the UK, Smarterly is an online savings and investment platform provider that offers workplace ISAs for facilitating payment through payroll deduction. It is focused on saving for short to mid-term life events as well as high earners restricted by tightening pension allowances.

UK-based Smarterly raises £7 million in Series A funding

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