JP Morgan has taken a minority equity stake in workplace pensions and technology company Smart Pensions.
The investment comes as part of a new funding round for the company, which has now raised £50m.
JP Morgan global head of retirement solutions Anne Lester will take a non-executive seat on Smart’s board.
The move follows Legal & General Investment Management’s decision to take a minority stake in the platform in 2016, a year after Smart launched.
Smart offers both workplace pensions through its master trust, as well as a technology platform for savers.
The value of JP Morgan’s stake was not disclosed.
Lester says: “We are 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.”
Smart says it intends to roll its platform out into new markets and is in “early-stage conversations with new strategic partners globally”
Smart Pensions chief executive Andrew Evans says: “We are delighted to have secured this investment from J.P. Morgan, as it signifies a positive step in our growth and international reach”.