Smarterly is raising funds through crowdfunding to support its continued growth
It’s the online savings and investment platform’s second round of funding through Seedrs following a successful crowdfunding campaign in October 2018
Funding will be raised on a valuation of £16.7M
Smarterly, the robo-investing platform for the workplace, is crowdfunding for the second time in less than a year following the success of their first campaign which raised £1.6M. This time they are seeking to raise in excess of £2m from existing investors and via crowdfunding. The boost in capital will support the fintech’s ambitious growth strategy with a focus on developing its sales and marketing capability over the next 12 to 18 months.
Smarterly aims to turn the UK into a nation of savers by providing an easier way to invest through the workplace. Companies use Smarterly as part of a wider package of workplace savings to enhance the financial wellbeing of their employees, all at no cost to the employer. Employees are supported with their wealth management and benefit from the convenience of saving through payroll, often with a contribution boost from their employer as a complement to pensions.
“We’re crowdfunding again to support the business through its next stage of growth and to build on our recent success. Our campaign last year attracted over 80 investors from within our industry and another 500 via the public. Since then we’ve secured many more corporate clients who promote our workplace savings platform to their employees. It appeals to all demographics. Millennials are attracted by the Lifetime ISA and its 25% Government funded bonus, whilst high earners in the private sector direct employer funded pension contributions into ISAs due to tightening restrictions with annual and lifetime allowances on pensions,” says Phil Hollingdale, Smarterly co- founder and executive chairman.
Smarterly is raising investment on a pre-money valuation of £16.7m via the Seedrs crowdfunding platform. This follows soon after Nutmeg’s crowdfunding campaign when they raised over £4m on a £250m valuation.