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Fintech pension provider eyes US market

Fintech pension provider eyes US market

Workplace pension provider Smart Pension is looking to move into the US market in response to overseas interest in its retirement services.

Company officials are currently taking part in a UK fintech delegation to Chicago, led by Peter Estlin, Lord Mayor of the City of London, which includes financial services companies such as Revolut and Worldpay.

FTAdviser reported in April that the provider was chosen by the government to participate in a fintech bridge pilot programme in Australia.

The provider said it is in advanced discussions around using its technology-enabled workplace savings services in the US.

These include negotiations to offer retirement savings plans sponsored by employers, known as 401k, open multiple employer plans, and individual retirement accounts, with announcements expected in late 2019 and early 2020, it added.

According to Will Wynne, co-founder and managing director of Smart Pension, Chicago was an ideal base for the provider’s first step into the US market, with its excellent connectivity back to the UK, and also with its strategic partners in the US.

He said: “Additionally, access to a pool of highly educated and skilled individuals is essential as we look to deploy our US operation, and Chicago area scores well here.

“International expansion is a key part of our ‘platform as a service’ strategy and this opportunity with the Lord Mayor will allow us to build on the work we're already doing in other markets, including Australia, to deliver our world-class savings and retirement technology to financial services providers.”

Mr Estlin noted that it is fantastic to see Smart Pension “expand into the US with an excellent base in Chicago, a brilliant place to do business”.

He said: “I am looking forward to seeing their impact in the US retirement market, and seeing the benefits for consumers and households on both sides of the Atlantic.”

Last year, Smart Pension announced it had won an international competitive tender to develop a pensions technology platform for New Ireland Assurance.

In January this year, it announced JP Morgan had taken a minority equity stake in the business, adding to the investment made in the firm by LGIM in 2016.

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