The company has received FCA and HMRC approval for its innovative approach to streamlining Auto Enrolment provision in the UK
UK-based Collegia, the first combined Auto-Enrolment (workplace pension) and Personal Pensions provider, has secured £500,000 in capital ahead of its upcoming launch.
Collegia‘s management noted that they’ll use the proceeds to support their planned UK launch this month and will also use the funds for their ongoing product and business development. The company’s main product is its Auto Enrolment pension technology.
Collegia is the UK’s only APP based Auto Enrolment pension service that offers the added flexibility of a personal pension, which means that it’s transportable between employers and for periods of self-employment. The company has received Financial Conduct Authority (FCA) and HM Revenue & Customs or HMRC approval for its innovative approach to streamlining Auto Enrolment provision in the UK.
The funding managed to attract international investors such as angel investments from Hong Kong, as well as individual and family office investors from Italy, Dubai, Brazil and the UK. Collegia is being led by its founders CEO Eduardo Chazan and COO Riccardo Gasparini.
Eduardo Chazan, Founder and CEO at Collegia, stated: Worth almost $100 billion annually, the UK Auto-Enrolment market serves more than 10 million employees and 1.6 million businesses. But the products on offer to employees and employers alike are unfit for purpose, with an almost complete lack of innovation. Millions of employees have no access to an APP and the industry is still debating how to produce a better ‘annual’ statement.
Chazan said everyone should have a pension that is fully accessible in real time, transportable between employers and adaptable to periods of employment and self-employment. It has to be welcoming, stress free, and critically, to offer investment choices such as access to ESG investments.