UK FinTech ZILO raises $27m Series A funding
By Gloria Methri
ZILO, the UK-based FinTech specialising in global asset and wealth management software has secured £25 million ($27m) in its recent Series A funding round.
The oversubscribed fundraise was co-led by Fidelity International Strategic Ventures (FISV) and Portage, with participation from State Street and Citi.
“We are focusing on empowering financial service institutions to remove outdated legacy technologies and dramatically improve the cost efficiencies of their operations by using ZILO to transform to a modern digital solution supporting existing fund structures, new digital assets and improving client experiences,” said Philip Goffin, founder, and Chief Executive Officer at ZILO™.
Commenting on the investment, James Devlin, Principal, Fidelity International Strategic Ventures, said, “We are excited to back the ZILO team who collectively have an impressive track record of disruption in the funds industry. Its innovative software solutions enable firms to replace legacy transfer agency technology and end-of-life systems, many of which were developed more than 20 years ago, improving client outcomes by delivering a fully digital platform and user experience. We believe ZILO will play an important role in transforming the global asset and wealth industry over the coming years.”
The Series A funds will be utilized to further accelerate product development, drive user acquisition, and grow ZILO’s position in the FinTech sector. Moreover, the company plans to leverage the investment to expand its reach into new markets and pursue strategic partnerships that will broaden its service offerings.
“Portage is proud to invest in ZILO. Phil, together with his distinguished team, is building the leading transfer agency platform for the largest custodians in the world. Legacy solutions are near their end of life, leading to significant business continuity risks for many. In a short time, we believe ZILO will be the global solution of choice,” said Adam Felesky, Co-founder and CEO of Portage.
The capital infusion marks the second major milestone this year for the business, following the successful go-live of its first client on its revolutionary global digital transfer agency platform at the end of July.
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