Digital wealth platform Smarterly has made £7 million in a Series A round led by family office Major Oak, alongside existing angel and crowdfunding investors.
Some of the investment was used to complete the recent acquisition of Salvus, with the rest used to further develop the product proposition and drive market growth.
Founded in 2017, Smarterly was the first workplace savings provider to introduce a Lifetime ISA through payroll deduction. It now has over 80,000 customers via over 100 businesses, with £230 million of assets under management.
It works with employers to provide employees with a fully automated savings and investment platform, using data analytics and algorithms to design and monitor personalised portfolios.
Co-founder Phil Hollingdale said: “Smarterly is changing the face of workplace savings, particularly as we move into unchartered territory of the working world post-COVID-19."
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