Smart Pension has announced the raising of £165m through its series D funding round, including a £75m equity investment from Chrysalis Investments.

The company said the funding round, which includes £110m of primary and £55m of secondary equity, will further strengthen its global retirement technology platform offering and expansion into the world’s largest retirement markets.

Smart, which has close to a million savers and over £1.8bn worth of assets on its platform, said it was targeting growth in the UK, the US, Australia and the Middle East.

Assets on the platform grew by 160 per cent in 2020 amid rollouts of the Smart platform with Bank of Ireland’s insurance arm, New Ireland Assurance, global insurance giant Zurich and the Dubai International Financial Centre.

Chrysalis Investments head of strategy and co-manager, Richard Watts, said: “Smart is an innovator and continues to establish itself as the leading retirement technology platform provider globally. In just a few years it has disrupted the retirement savings industry, working with some of the world’s most well-known financial services providers to create a better way to save toward retirement and access funds during retirement.

“The world has changed. Just as companies like Wise and Klarna add huge benefits to their users via best-in-class financial technology, Smart offers user experience and technology to transform retirement for savers around the world.

“What Smart has achieved in the last 12 months alone was a real catalyst for our support and we believe that together we can help Andrew and Will achieve their global ambitions.”

Smart Pension co-founders, Andrew Evans and Will Wynne, said: “With close to a million savers on our platform already, we now have straight line visibility through to well over five million savers on the platform within the next 24 months.”

The duo added that the company recognised “tremendous opportunities for us to cost effectively deploy capital in M&A to bring members and assets onto our technology platform in the UK, the United States and beyond” and said it would be pursuing these “with the energy those markets’ retirement savers deserve”.

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