CIBC Innovation Banking has acted as lead arranger and agent on a £60 million syndicated credit facility extended to Smart, the London-based fintech that supplies retirement-savings technology to employers and trustees. According to the announcement, the funding is intended to accelerate Smart’s growth plans and help it capitalise on consolidation opportunities within the UK pensions market. The deal represents a continuation of a multi-year banking relationship between the parties.

Smart is presented as a global savings and investments technology provider whose flagship Keystone platform is a cloud‑native, workplace retirement‑savings system designed to support large‑scale migrations and interoperability with payroll and HR software. The company also operates the Smart Pension Master Trust, which it describes as one of the UK’s largest auto‑enrolment master trusts and which is reported to serve more than 1.5 million savers and over 90,000 employers. Business filings and prior press material underlining Keystone’s Platform‑as‑a‑Service design date back to 2022, when the product was launched to support rapid scale and consolidation projects.

Independent reporting and industry commentary place Smart among the top tier of defined contribution master trusts by membership, and attribute much of its recent growth to consolidation. Corporate Adviser reported that Smart’s acquisition and integration activity included the transition of Evolve Pensions, adding in excess of 130,000 members, and noted the firm’s assets under management exceed £6 billion. The same reporting suggested membership could reach around two million if current consolidation trends continue, underscoring why lenders and investors are watching the company closely.

Some outlets framed the facility in euro terms — reporting it as approximately €69.4 million — a difference that reflects currency conversion rather than a change to the deal’s substance. Coverage also named a roster of institutional backers and partners that have supported Smart through earlier funding rounds and strategic partnerships, including Legal & General Investment Management, J.P. Morgan, Barclays and Fidelity International Strategic Ventures, among others. Those relationships have been cited in market accounts as part of Smart’s credibility when courting both clients and lenders.

The financing also builds on an established link with CIBC Innovation Banking. Reporting from 2022 recorded a prior £40 million growth financing package from CIBC to Smart, a transaction that commentators said underpinned expansion and acquisition activity at the time. CIBC executives have publicly reiterated their support for Smart’s ambitions in statements accompanying this latest facility, while Smart’s finance leadership has emphasised profitability and the desire to use the capital to “continue developing innovative solutions” and to seize consolidation opportunities as the UK market evolves.

Market participants say consolidation within the auto‑enrolment arena is creating both opportunity and risk: scale brings efficiency and margin benefits for master trusts, but integration challenges and regulatory oversight increase with each transfer. Industry commentary and Smart’s own statements suggest the new facility is explicitly structured to give the firm flexibility for both organic investment in its platform and for potential acquisitive growth as competitors seek consolidation.

While Smart and CIBC frame the transaction as a vote of confidence in the company’s products and strategy, independent observers caution that successful consolidation requires execution across operations, governance and member communications. The company claims the funding will accelerate those efforts; investors and trustees will be watching the coming months for delivery against those ambitions.

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Source: Noah Wire Services