UK SaaS firm receives £10 million in investment from big banks

UK tech firm picks up investment from major banks to help growth in new markets.

Customer experience tech SaaS provider Vizolution has secured £10 million in funding from three of the world’s largest banks.

Santander Consumer Finance and Royal Bank of Scotland have joined HSBC as investors in Vizolution.

What is Vizolution?

Vizolution is a UK-based company that allows customers and agents interacting over the phone or online to share, display, exchange, complete, verify and sign documents as if they were face to face, and works without requiring customers to download any software or apps through its digital suite. It says it offers a customer-centered human approach in an increasingly digital world.

How will it use the money?

The firm will use these new funds to develop new products to add to its customer experience solutions and accelerate growth in its markets.

In addition, Development Bank of Wales and several family offices and private investors have invested in the funding round.

Bill Safran, CEO of Vizolution said, ‘This investment is a testament to the innovation and capability of our technology. Together, we will be able to create the very best possible solutions for our clients’ customers.’

It says it differentiates itself from competitors that offer a point solution to solve individual problems and offers an end-to-end platform.

Further reading on fundraising

Ian McLaughlin, managing director of Home Buying and Ownership at RBS said, ‘We have been clients of Vizolution for over five years and are 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. As well as facilitating mortgage loans of approximately £1 billion per month, Vizolution has helped us to unlock significant savings in our mortgage operational costs, including removing nearly 7 million pieces of paper per year.’

Gayle Lacey, COO of UK CMB at HSBC said, ‘Since our initial investment in October 2016, we have witnessed Vizolution’s rapid global expansion and continued development of its products. 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.’

Vizolution has enjoyed significant growth since 2013, and in the last year has opened new offices in Port Talbot, 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.

Michael Somerville

Michael Somerville

Michael was senior reporter for from 2018 to 2019.

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