ZILO™ Raises £25 Million in Series A Funding
London, 9 January 2024: ZILO™, the UK-based FinTech company specializing in global asset and wealth management software, is excited to announce that it has successfully completed a £25 million Series A funding round. The fundraise, which was oversubscribed, was co-led by Fidelity International Strategic Ventures (FISV) and Portage, with participation from State Street and Citi. This strong support from major financial institutions demonstrates their confidence in ZILO™'s vision and its commitment to becoming a leading innovator in financial services software.
"We are dedicated to empowering financial service institutions to eliminate outdated legacy technologies and greatly improve the cost efficiency of their operations by using ZILO™ to transition to a modern digital solution that supports existing fund structures, new digital assets, and enhances client experiences," said Philip Goffin, founder and CEO of ZILO™.
.
James Devlin, Principal at Fidelity International Strategic Ventures, commented on their investment in ZILO™, stating, "Fidelity International Strategic Ventures is thrilled to support the ZILO™ team, who collectively have an impressive track record of disrupting the funds industry. ZILO™'s innovative software solutions enable firms to replace outdated transfer agency technology and end-of-life systems, many of which were developed more than 20 years ago. By delivering a fully digital platform and user experience, ZILO™ improves client outcomes and we believe it will play a crucial role in transforming the global asset and wealth industry in the years to come."
The Series A funds will be used to further accelerate product development, drive user acquisition, and solidify ZILO™'s position in the FinTech sector. Additionally, ZILO™ plans to leverage this investment to expand into new markets and establish strategic partnerships that will broaden its range of services. Adam Felesky, Co-founder and CEO of Portage, expressed their pride in investing in ZILO™, stating, "Phil, together with his distinguished team, are 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."
This significant capital infusion marks the second major milestone for ZILO™ this year, following the successful implementation of its revolutionary global digital transfer agency platform for its first client in July. With its user-centric design and state-of-the-art features, ZILO™ software is gaining traction in the market and providing an unparalleled experience to both clients and end-users.
ZILO™ received advisory services from Perella Weinberg Partners and legal counsel from Pinsent Masons LLP.
About ZILO™: Incorporated in the UK in April 2020, ZILO™ is on a mission to revolutionize global transfer agency software by reducing costs, complexity, and creating sustainable value for Global Asset and Wealth Management firms and their customers. Through a design-driven approach and a commitment to prioritizing people, ZILO™ enables firms to replace outdated software with real-time, digital user experiences. For more information, visit www.zilo.co.uk.
About Fidelity International Strategic Ventures (FISV): FISV is a specialized venture capital team within Fidelity International that invests in fintech businesses and technologies. They provide meaningful minority stakes to early stage fintech businesses and support disruptive entrepreneurs in changing the face of finance. For more information, visit www.fisv.com.
About Portage: Portage is a global investment platform focused on fintech and financial services, managing US$2.5 billion in assets. They partner with ambitious companies at all stages, providing flexible capital and a global network of investors, commercial partners, and advisors. Portage's dedicated value creation team offers hands-on support in various areas to accelerate the success of portfolio companies. As a platform within Sagard, a multi-strategy alternative asset management firm, Portage operates in the United States, Canada, and Europe. For more information, visit www.portageinvest.com.
They've invested in ZILO™
Get to know these Fintech investors
Click here for a full list of 6,481+ startup investors in the UK