Financial services technology provider Vizolution has secured private equity funding to help it expand to meet demand for low-cost tech solutions both in the UK and overseas.
Bill Safran, chief executive of Vizolution, said the £500,000 fundraising would help the firm in its immediate expansion plans, to enable its adviser and industry clients to engage better with customers and retain more business.
He said: “We are happy to now have the funds to meet the demand that we are seeing for our product suite of vScreen, vDoc and vChat. These funds will allow us to rapidly expand our R&D and sales teams to provide our UK and International customers with award winning solutions and support.”
Screen-sharing product vScreen is currently being used by four of the five largest UK lenders and two of the five largest UK insurance providers.
The investment will allow Vizolution to meet the evident demand for its product suite both within the UK and internationally. The funds will be used to expand its R&D facility in Port Talbot, Wales and increase sales and sales support to handle the recent influx of new customers.
This investment round has been led by Perscitus Advisers, the family investment vehicle for Jon Moulton, the founder of Better Capital and former Managing Partner of Alchemy.
Last year, when vScreen was launched, Mr Safran suggested that screen-sharing could help brokers to reduce the cost of advice.
Following the announcement that more than 320,000 people a year would be entitled to free, face-to-face advice on retirement, Vizolution launched vScreen, a way of helping brokers provide a cost-effective delivery of such advice.
He said the challenge facing the pension market was how the sector can provide cost-effective delivery of this advice.
At the time, he pointed to research conducted by Vizolution, which indicated that a face-to-face advice session with a customer cost advisory firms between £250 and £500, depending on travel time and costs for the adviser.
