D2C entrant Tillit has secured £3.6m in a seed funding round led by Baillie Gifford’s former multi-asset boss Patrick Edwardson.
The round, which closed in December, also attracted backing from Schroders value manager Nick Kirrage, Techstart Ventures and Richard McGrail.
Edwardson, who retired from Baillie Gifford in 2020, is set to join the board later this spring pending regulatory approval.
Tillit opened its doors to the public last November. Founded by fellow Baillie Gifford alumnus Felicia Hjertman (pictured), the platform is attempting to shake-up the retail investment space and “revolutionise” how people invest.
One way it has sought to achieve this is through its fee structure. Tillit charges a single platform fee of 0.4% which reduces by 0.01% every year until it hits 0.25% regardless of how large a customer’s pot is.
Currently 95 funds, investment trusts and ETFs are available on the platform. Hjertman said in 2022 there are plans to expand the offering to enable transfers and pensions.
She said: “We’re incredibly excited to embark on the next phase of Tillit’s journey to revolutionise how people invest. We’re thrilled to close our seed funding round with the backing of Patrick and our other investors – it’s a strong sign of conviction and potential from the people who have watched us most closely over the last 12 months.”