Three banks lead £10m round in London tech firm
A provider of customer experience technology has bagged £10 million from three of the world’s largest banks to fuel global expansion.
Santander Consumer Finance and Royal Bank of Scotland have joined HSBC as investors in London-based Vizolution.
The software-as-a-service (SaaS) company helps enterprise clients “streamline complex customer journeys” by replicating the qualities of face-to-face interactions within remote channels.
It said it will use the funding to develop new products and accelerate growth.
“This investment is a testament to the innovation and capability of our technology,” said CEO Bill Safran.
“Together, we will be able to create the very best possible solutions for our clients’ customers.”
RBS has been a client of Vizolution for over five years and Ian McLaughlin, MD of home buying and ownership, said he was excited about “deepening our relationship as shareholders”.
“Last year, Vizolution technology enabled us to introduce the UK’s first ever completely paperless mortgage process and the results have been transformational in helping us to make the home buying journey much simpler and easier for our customers,” he added.
“As well as facilitating mortgage loans of approximately £1bn per month, Vizolution has helped us to unlock significant savings in our mortgage operational costs, including removing nearly 7m pieces of paper per year.”
HSBC invested in Vizolution in October 2016.
Gayle Lacey, COO of UK CMB at HSBC, added: “This reinvestment shows our continued support for the company and we are confident that with this additional funding Vizolution can continue to strengthen the solutions that they offer and in turn continue to improve our customers’ digital journeys across our product lines.”
In addition to its London base, Vizolution also has UK offices in Port Talbot and Bristol and international sites in Toronto and Boston.
It has also won numerous awards and accolades, including rankings on the 2018 Fast Growth 50 List and Sunday Times Hiscox Tech Track 100, a league table of Britain’s fastest growing tech firms.
Development Bank of Wales and several family offices and private investors also invested in this funding round.