Zilo, a fintech developing asset and wealth management software, has announced a £25m Series A funding round.
Founded in 2020, Zilo is aiming to replace legacy approaches to transfer management, which is the process for overseeing investments and assets.
These services are typically provided by banks, trust companies and similar institutions. However, Zilo is building a tech platform to replace the old system.
“We are focusing on empowering financial service institutions to remove outdated legacy technologies and dramatically improve the cost efficiencies of their operations by using Zilo to transform to a modern digital solution supporting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 CEO at Zilo.
The round was led by Fidelity International Strategic Ventures and Portage with participation from State Street and Citi.
“Zilo’s 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,” said James Devlin, principal at Fidelity International Strategic Ventures.
“We believe Zilo will play an important role in transforming the global asset and wealth industry over the coming years.”
The startup said it will use the funds to support product development, drive user acquisition and explore strategic partnerships.
“Legacy solutions are near their end of life, leading to significant business continuity risk for many. In a short time, we believe Zilo will be the global solution of choice,” added Adam Felesky, co-founder and CEO of Portage.