UK fintech start-up Zilo lands £25m in Series A funding
UK-based fintech start-up Zilo, which offers global asset and wealth management software, has secured £25 million in a Series A funding round.
Zilo secures £25m Series A
The fundraise was led by Fidelity International Strategic Ventures (FISV) and Portage, with additional participation from State Street and Citi. The start-up last raised $10.6 million in a seed round in October 2022, according to data from PitchBook.
Founded in 2020 and based in London, Zilo says it aims to “reduce cost, complexity and create sustainable value” for global asset and wealth management firms as well as their customers. With its software, Zilo says firms can replace their legacy and end-of-life systems for a digital, real-time user experience. Its first client went live on its platform in July 2023.
It plans to utilise its fresh funding towards accelerating product development, driving user acquisition and growing its foothold in the market. Additionally, funds will also be deployed towards expanding into new markets and forging strategic partnerships with the aim of broadening its offerings.
Commenting on the fundraise, Philip Goffin, founder and CEO of Zilo, says: “We are focusing on empowering financial service institutions to remove outdated legacy technologies and dramatically improve the cost efficiencies of their operations by using Zilo to transform to a modern digital solution supporting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.”
