UK-based fintech firm Smart has received $95m in funding in a Series E round led by private investment company Aquiline Capital Partners.

The round also saw the participation of the firm’s current investors such as Chrysalis Investments, Fidelity International Strategic Ventures, DWS, Barclays and Natixis Investment Managers.

Primarily serving the global retirement savings market, Smart plans to use the fresh infusion of funds to further expand its presence across the globe.

The new investment also allows the company to have funds for near-term acquisitions.

It will further help the firm increase its investment and distribution of its proprietary retirement savings technology solution, Keystone.

Last year, Smart recorded group revenue of £67m, marking a 65% increase from the prior year.

The company currently has more than £5.5bn in assets under management (AUM), which is anticipated to surpass £10bn by the end of next month after the latest fundraising round.

It collaborates with governments and financial entities, including insurers, asset managers, banks and financial advisers to provide digital retirement savings and income products.

Smart co-founders Andrew Evans and Will Wynne said: “This investment is strong recognition of Smart’s success and journey to date, and highlights the immense opportunity that lies ahead.

“It is also a resounding vote of confidence in the UK’s fintech sector, and its leadership in financial services provision.

“We are on a mission to transform retirement, savings and financial well-being. We are the global leader in retirement technology and our industry-leading platform, Keystone, is being deployed by the biggest, most successful financial institutions around the world.”