London based pension auto-enrolment platform raised the amount from a series of individual investors.
Smart Pension has signed up 8,500 employers, and has 60,000 members.
It has also appointed Duncan Howorth, former chief executive of the employee benefits arm of Jardine Lloyd Thompson, to its board of directors. The master trust, which specialises in providing workplace pensions to small businesses, announced two other new board appointments: former lord mayor of London Sir Anthony Joliffe, who will be chair, and the scheme’s chief operating officer and former Pension Protection Fund member Peter Walker. Mr Howorth said: “The success of auto enrolment has always been a passion of mine – and key to its success is supporting the millions of businesses and their employees entering the workplace pensions market for the first time.”