London-based fintech Smarterly bags £7m Series A funding

By Aisling Finn on Monday 18 May 2020

Savings and Investment

Smarterly is now valued at over £19.5m according to crowdfunding platform Seedrs.

London-based fintech Smarterly bags £7m Series A funding
Image source: Phil Hollingdale/Smarterly

 

Savings and investment platform Smarterly has secured a £7m Series A investment led by Major Oak.

Family office wealth management firm Major Oak invested £5m in the round with the remainder coming from existing angel and crowdfunding investors.

Some of the money raised has already been used to complete its recent acquisition of pension management firm Salvus with the rest of the cash being used to focus on product development and growth.

Smarterly offers employee financial wellbeing for companies, allowing their staff to open an ISA or Lifetime ISA.

The round was completed on crowdfunding platform Seedrs, with whom Smarterly has completed several raises before, the last being in August 2019.

Phil Hollingdale, co-founder and executive chairman of Smarterly, said: “Smarterly is changing the face of workplace savings, particularly as we move into unchartered territory of the working world post-COVID-19.”

“Financial wellbeing is no longer one dimensional, it’s about supporting employees throughout their entire life journey.”

Smarterly, which launched in 2017, has already partnered with well-known firms in the industry.

Back in September 2019, Smarterly partnered with OakNorth to launch a range of Cash Individual Savings Accounts (ISAs). 

Almost exactly a year before that, it was announced that Smarterly had collaborated with Neyber, the Goldman Sachs-backed lending platform to offer its employees an investment ISA.

According to Seedrs, Smarterly’s indicative valuation now sits at over £19.5m, up from its £16.7m valuation in 2019.

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Seedrs