Fintech firm ZILO raises £19.9m led by Portage with State Street
At a glance
This article covers the Series A2 funding round on 23 September 2025 for ZILO, a global technology and innovation leader specialising in asset and wealth management software, founded by Philip Goffin. It raised £19.9m, led by Portage and joined by State Street.
What does ZILO do?
ZILO Global Core is a cloud-based platform that provides asset and wealth management software for institutional transfer agency. It automates processing, reconciles records, and supports real-time digital servicing for asset managers and custodians.
Why is ZILO useful?
Problem
According to a recent McKinsey report, firms in asset and wealth management struggle with costly, complex legacy systems that slow operations and hinder innovation. They also need support for digital assets, real-time services and enterprise-grade controls.
Solution
ZILO explains that it provides a cloud-native platform replacing legacy systems to deliver real-time, secure transfer agency and core functions. The platform reduces cost and complexity while supporting emerging assets and AI-driven automation.
How much did ZILO raise?
ZILO raised £19.9m ($27m) in a Series A2 round led by Portage alongside State Street. This makes it the 13th largest funding round in September 2025 (38 recorded). It stands 85th for 2025 (445 total) in the Startupmag database, as of 23 September 2025.
For details on how Startupmag compiles its rankings, view our Methodology.
Who invested in ZILO?
Key investors in the round include:
- Portage: A private investment firm focusing on technology and enterprise software companies at growth stages.
- State Street: A global financial services firm investing across asset servicing, custody and institutional asset management. Its portfolio includes Fnality International.
- Existing shareholders: Prior investors in ZILO who participated in the follow-on financing to maintain their stakes.
- Management: Members of the company's management team who invested further to support the business's growth.
In the funding announcement, Adam Felesky from Portage said:
We are delighted to further invest in ZILO™ and their vision. There is rising demand in the wider market for modern platforms that can offer a truly global experience, support for emerging asset classes and enterprise-grade controls.
The investor said ZILO’s success in partnering with global custodians since inception demonstrates the differentiated nature of its technology.
If you're researching potential backers in this space:
- Explore our list of Fintech venture capital firms in the UK
- Browse our directory of Fintech angel investors in the UK
Who founded ZILO?
Philip Goffin is the founder of ZILO.
In the funding announcement, Philip Goffin said:
We are pleased to announce this funding round which reflects the strong progress and momentum within ZILO™. Since we went live in 2023 with our proprietary platform, ZILO™ Global Core, we have successfully secured and onboarded two of the top five global custodians and a top five global asset manager within a relatively short period, demonstrating the institutional confidence in our platform to deliver industry changing efficiencies.
The company continued it sees strong pipeline growth for 2025 and 2026, with a focus on onboarding new clients and launching innovative products, and thanked existing investors and its team for their support in the funding round.
Where is ZILO based?
ZILO is based in London, UK.
What sector is ZILO in?
ZILO operates in the financial technology sector. This sector builds software and services for banking, investing, and money management. It helps firms handle customers' money and investments more efficiently.
Key trends and challenges in Fintech:
Cloud modernisation
Many financial firms replace legacy systems with cloud-native platforms for real-time services, such as cloud transfer agency systems.
AI integration
Asset managers adopt AI for client reporting, trade automation, and risk analysis, improving speed and insights.
Regulation and cybersecurity
Stricter rules and cyber threats require stronger data controls and certifications like ISO 27001.
For a deeper look at innovation in this space, see the latest funded Fintech startups in the UK
They've invested in ZILO
Get to know these Fintech investors
Click here for a full list of 7,233+ startup investors in the UK