Welsh start-up closes £10 million funding round
Customer experience technology provider Vizolution has closed a £10 million investment round backed by three of the world’s largest banks.
The Swansea-based company has secured funding from Santander Consumer Finance, the Royal Bank of Scotland and HSBC, all of which are existing Vizolution clients.
Working across the financial services, insurance, energy and telecoms sectors, Vizolution streamlines complex customer processes for a range of businesses. It’ll use the new funds to expand its product range and push into new markets.
Bill Safran, CEO of Vizolution said: “We are delighted that our customers Santander Consumer Finance and RBS have joined HSBC as shareholders in Vizolution.
“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.”
Since launching in 2013, the company has opened new offices in Port Talbot, Toronto and Boston. It’s also won a range of awards, including rankings on the 2018 Fast Growth 50 List and Sunday Times Hiscox Tech Track 100.
Ian McLaughlin, managing director of home buying and ownership at RBS, said: “We have been clients of Vizolution for over 5 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 £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.”
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.”
The Development Bank of Wales and several private investors also contributed to the funding round. Dr Philip Barnes, from the bank, said: “We are always on the lookout for companies with the potential to not only support Wales’ growth, but also make an impact on the worldwide stage.
“We have been investors in Vizolution since its launch and have continued to support the company’s growth co-investing alongside the existing and latest investors at every stage. Our re-investment, alongside Santander Consumer Finance, RBS and HSBC is testament to our belief in the quality of its product, brand, and, most importantly, its team.”