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Fidelity, Portage, Citi and State Street back wealthtech Zilo in £25m Series A

Major asset managers back Zilo’s vision to overhaul legacy transfer agency technology

Philip Goffin / Zilo

Philip Goffin / Zilo

Asset managers Fidelity, Citi and State Street have backed London-based wealthtech provider Zilo as part of its £25m Series A funding round.

Zilo was founded in 2020 by serial entrepreneur Phil Goffin and is building transfer agency software which the wealth sector uses to manage ownership records and their transfer.

The fintech last raised a $10.6m round in October 2022 and went live with its first client at the end of July 2023.

This latest funding was led by Fidelity’s International Strategic Ventures arm and fintech investor Portage, with State Street and Citi participating.

“We are focusing on empowering financial service institutions to remove outdated legacy technologies and dramatically improve the cost efficiencies of their operations by using Zilo to transform to a modern digital solution supporting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,” Goffin said.

Zilo’s Series A will be used to accelerate its product development, acquire new customers and further grow the fintech’s position in the sector.

Goffin added that he hopes to use the investment to bring Zilo to new markets and explore strategic partnerships which might broaden the company’s reach.

“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,” James Devlin, principal at Fidelity International Strategic Ventures said.

“We believe Zilo will play an important role in transforming the global asset and wealth industry over the coming years.”

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