Digital wealth platform for the workplace Smarterly has secured £7m in Series A funding.
The London-based FinTech allows employees to save and invest in an ISA directly through payroll, and uses analytics and algorithms to design and monitor personalised portfolios.
The funding was led by the family office of Major Oak, which provided £5m, alongside existing angel and crowdfunding investors.
The firm said its latest investment will be put toward the recent acquisition of pension account firm Salvus, and the rest will be investnted in product development and market growth.
Founded in 2017, the firm claims to be the first workplace savings provider to introduce a Lifetime ISA through payroll deduction.
It was founded by actuary Ben Pollard, who was inspired by his own experience in setting up an ISA. It now has over 80,000 customers with a combined £230m in assets, an working with over 100 businesses.
Phil Hollingdale, co-founder 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.”