JP Morgan takes minority stake in London startup Smart Pension

Banking behemoth JP Morgan has made a strategic investment in workplace pensions startup Smart Pension, the firm will announce today, as part of a fresh equity funding round.

The size of the round was undisclosed, however Smart Pension said it had raised around £50m to date. JP Morgan took a minority equity stake as part of the deal, while Smart Pension added it is in early-stage talks with other strategic partners globally.

JP Morgan’s global head of retirement solutions Anne Lester said the investment was part of the asset manager’s plan to offer technologically-innovative pensions and savings solutions to its customers. She will take up a non-executive seat on the startup’s board.

Read more: Starling Bank courts Irish banking licence as it launches euro accounts

Other Smart Pension backers include Legal & General Investment Management and prolific UK angel investor Chris Adelsbach.

"We are delighted to have secured this investment from JP Morgan, as it signifies a positive step in our growth and international reach," said Smart Pension chief executive Andrew Evans.

"Our journey has just started, the opportunities to disrupt and do things differently in this sector are staggering, and we will be leading the way."