British asset and wealth management software provider Zilo has announced that it has managed to raise 25 million pounds in a Series A funding round.
Citi took part in the mentioned process. The oversubscribed funding round was jointly conducted by Fidelity International Strategic Ventures and Portage, with the participation of State Street and the mentioned bank.
Zilo launched its SaaS technology platform in 2023. This platform is designed for global agency services for the transfer of funds. As part of the Zilo solution, asset managers are provided with a modern and more financially accessible alternative to inefficient and expensive legacy systems.
The funds that were raised by the company will be spent on product development. The firm also intends to spend part of its investment funds on implementing measures to start operations in new markets. Moreover, the company plans to direct money to the development of strategic interaction with other brands, which will expand the list of services provided to consumers. There is no information yet on the timing of the implementation of these intentions.
Philip Goffin, CEO of Zilo, says that the firm is focused on expanding the capabilities of financial institutions to get rid of outdated technologies and significantly increase the economic efficiency of their operations. According to the head of the brand, the goal is to move to a modern digital solution that supports existing fund structures, new virtual assets, and improved customer service.
As we have reported earlier, Soum Raises $18 Million.
