JP Morgan has acquired a minority stake in fintech and workplace pensions provider Smart Pension, which it said is a “strategic investment”.

The company has taken a minority equity stake in the firm as part of Smart Pension's new strategic placement funding round, bringing total funds raised to date to c.£50m.

The pension provider has recently taken its savings platform technology to global markets. In October last year, Smart Pension announced it had won an international competitive tender to deliver a pensions technology platform for New Ireland Assurance, one of Ireland’s leading life insurance, pensions and investment businesses.

The fast-growing UK-based fintech is now in early-stage conversations with new strategic partners globally.

Commenting, Smart Pension co-founder and CEO, Andrew Evans, said: “We are delighted to have secured this investment from J.P. Morgan, as it signifies a positive step in our growth and international reach. From the outset our objective has been to put user engagement and experience at the heart of everything we do, utilising technology to build an unrivalled platform. Our journey has just started, the opportunities to disrupt and do things differently in this sector are staggering, and we will be leading the way.”

JP Morgan global head of retirement solutions, Anne Lester, who will take a non-executive seat on the Smart Pension board, said JP Morgan is investing in pensions and savings solutions and technology capabilities to help investors achieve better financial outcomes, “reinforcing our commitment to putting clients first in every aspect of our business”.

“Smart Pension has demonstrated how financial technology can have a positive impact by making it easier both for people to save for retirement and for companies to offer pension plans to their employees.”

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