UK-based asset and wealth management software vendor Zilo has raised £25 million in a Series A funding round joined by Citi.
The oversubscribed round was co-led by Fidelity International Strategic Ventures and Portage, with participation from State Street alongside Citi.
Zilo launched its SaaS technology platform for global transfer agency services last year, promising asset and wealth managers a modern, cost-efficient alternative to expensive and inefficient legacy systems.
The funding will be used will be used for product development, drive user acquisition, reach into new markets and pursue strategic partnerships that will broaden Zilo's service offerings.
Philip Goffin, CEO, Zilo, says: “We are focusing on empowering financial service institutions to remove outdated legacy technologies and dramatically improve the cost efficiencies of their operations by using Zilo to transform to a modern digital solution supporting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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