UK-based fintech ZILO, which specialises in asset and wealth management software, has raised £25m in a Series A funding round.

The oversubscribed round was co-led by Fidelity International Strategic Ventures (FISV) and Portage, with participation from State Street and Citi, underscoring strong confidence in ZILO’s vision and commitment to emerging as a leading innovator in financial services software.

Fidelity International Strategic Ventures principal James Devlin said: “Fidelity International Strategic Ventures is excited to back the ZILO team who collectively have an impressive track record of disruption in the funds industry.

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

The Series A funds are earmarked to expedite product development, drive user acquisition, and solidify ZILO’s standing in the dynamic fintech sector. Additionally, ZILO intends to leverage the investment to extend its footprint into untapped markets and forge strategic partnerships that will enrich its service offerings.

ZILO founder and CEO Philip Goffin said: “We are focusing on empowering financial service institutions to remove outdated legacy technologies and dramatically improve the cost efficiencies of their operations by using ZILO to transform to a modern digital solution supporting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

This funding milestone marks the second major achievement for ZILO in the current year, closely following the successful launch of its global digital transfer agency platform in late July 2023.

The platform’s inaugural client onboarded post-launch signifies growing traction, highlighting both its robustness and the market’s demand for inventive financial solutions. ZILO’s software is renowned for its user-centric design and state-of-the-art features, delivering an unparalleled experience to both clients and end-users.

The fintech received advisory support from Perella Weinberg Partners and legal counsel from Pinsent Masons.