By Simon Hunt

Copyright cityam

Zilo has secured £20m in fresh funding as the London fintech gears up for the next phase in its expansion, City AM can reveal.

The Canary Wharf-based business, founded in 2020, said its Series A extension round was led by Toronto-based investor Portage Ventures alongside US bank State Street and existing shareholders and management.

Zilo did not confirm the company’s new valuation but CEO Philip Goffin told CIty AM the tech firm was now valued at “higher multiples” than its earlier £25m funding round completed last year. The first £11m of the extension round was secured in July, with corporate disclosures implying a 26 per cent rise in the firm’s valuation.

The company, which specialises in asset and wealth management software, said the funding would support its expansion into new markets, including the US, as well as launching new proprietary, AI-powered tools for customers.

Goffin said he was “super happy with the outcome,” adding that the company would target 2026 or 2027 for its Series B funding round, with a view to ultimately listing on the stock market from 2028.

“We look towards the long term and we want to create a legacy that helps transform the industry and serves our customers much better than the current incumbent technology providers,” Goffin said.

The funding comes as Zilo posted a near-doubling of turnover to £4.9m in 2024 as the firm grew its customer base and hired dozens more staff, taking its total employee count to 130.

But the higher wage bill helped grow losses further, up by 31 per cent over the period to £13.6m.

“Our costs are really well controlled within the budget and the parameters that we set and we agree them with the board so we don’t move outside of that,” Goffin said.

“We’re very careful about how we spend our investor dollars – probably more careful than if they were our [own] dollars because we have a duty of care and a responsibility to give our investors a massive benefit from it.”