Tuesday, July 23, 2024
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UK fintech start-up Zilo lands £25m in Series A funding

  • Funding Details:
    • UK-based fintech start-up Zilo has successfully raised £25 million in a Series A funding round.
  • Lead Investors:
    • The funding round was led by Fidelity International Strategic Ventures (FISV) and Portage.
  • Additional Participants:
    • State Street and Citi also participated in the Series A funding round.
  • Previous Funding:
    • Zilo previously raised $10.6 million in a seed round in October 2022, according to PitchBook data.
  • Company Background:
    • Founded in 2020 and headquartered in London, Zilo offers global asset and wealth management software.
  • Mission of Zilo:
    • Zilo aims to “reduce cost, complexity, and create sustainable value” for global asset and wealth management firms and their customers.
  • Platform Features:
    • Zilo provides software that enables firms to replace legacy and end-of-life systems with a digital, real-time user experience.
  • Client Activation:
    • The start-up reported that its first client went live on its platform in July 2023.
  • Utilization of Funding:
    • The newly secured funds will be used to accelerate product development, drive user acquisition, and expand Zilo’s presence in the market.
  • Market Expansion and Partnerships:
    • Zilo plans to deploy funds for expanding into new markets and forming strategic partnerships to broaden its offerings.
  • Founder and CEO’s Statement:
    • Philip Goffin, Founder and CEO of Zilo, emphasized the focus on empowering financial service institutions to replace outdated legacy technologies and enhance cost efficiencies through Zilo’s modern digital solutions, supporting existing fund structures and new digital assets while improving client experiences.

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