UK-based asset and wealth management software vendor Zilo has successfully secured £25 million in a Series A funding round that attracted investment from Citi.
The oversubscribed round was co-led by Fidelity International Strategic Ventures and Portage, with additional participation from State Street. Zilo, which launched its SaaS technology platform for global transfer agency services last year, aims to provide asset and wealth managers with a modern, cost-efficient alternative to traditional, costly legacy systems.
The funds raised will be utilized for product development, user acquisition, expansion into new markets, and forming strategic partnerships to enhance Zilo’s service offerings.
Philip Goffin, CEO of Zilo, stated, “We are focusing on empowering financial service institutions to remove outdated legacy technologies and dramatically improve the cost efficiencies of their operations by using Zilo to transform to a modern digital solution supporting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.”
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