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A retirement financial savings platform which beforehand secured backing from Authorized & Common will this week unveil a $95m (£76m) fundraising led by a New York-based personal fairness investor.
Sky Information has learnt that Good, which was based in 2014, will announce the capital increase on Monday.
Will probably be led by Aquiline Capital Companions, which manages over $9bn in property and specialises in backing monetary companies and know-how firms.
The funding deal can be one of many largest struck by a UK-based fintech this 12 months amid a tougher financing atmosphere for early-stage – usually loss-making – start-ups.
Sources mentioned the proceeds of the spherical can be used to finance numerous impending acquisitions.
They will even speed up Good’s funding in and distribution of its proprietary retirement financial savings know-how platform, Keystone.
Good’s current traders, which embody Chrysalis Investments, Constancy Worldwide Strategic Ventures and Barclays, additionally participated within the spherical, the sources mentioned.
The corporate was based by Andrew Evans and Will Wynne, and launched in 2015 in anticipation of giant demand from firms forward of a remaining Authorities deadline for auto-enrolment in 2018.
Good co-founders Will Wynne and Andrew Evans
It owns and operates one of many 4 main UK auto-enrolment grasp trusts – Good Pension – which serves greater than 1m savers and 70,000 employers.
Good’s progress has been fuelled partly by the rising regulatory requirement for people to avoid wasting for retirement on the identical time that ageing populations place better strain on authorities funds around the globe.
As a part of the funding spherical, Charles Janeway of Aquiline is becoming a member of Good’s board as a non-executive director.
One insider mentioned the capital injection had taken place at solely a modest low cost to its most up-to-date fundraising.
Good has over £5.5bn in property beneath administration and expects this to exceed £10bn within the close to future.
It has vital worldwide ambitions, having already struck partnerships with establishments in Eire and a part of the large Zurich Insurance coverage Group.
In response to an enquiry from Sky Information, Mr Evans and Mr Wynne claimed that Good was “the worldwide chief in retirement know-how, and our industry-leading platform, Keystone, is being deployed by the largest, most profitable monetary establishments around the globe”.
“It is a $62 trillion international sector ready to be disrupted, and we’re uniquely positioned to reap the benefits of that.”
Bankers at Lazard suggested Good on the funding spherical.
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