Investment platform TILLIT has announced that it is closing down after not being able to secure the level of funding needed to continue operating.

The decision came following the failure to attract sufficient funding, despite what the company described as a “strong mission, product, and loyal customer base”.

TILLIT will be working with key partners, including its custodian Seccl Custody and the Financial Conduct Authority (FCA), to ensure an orderly wind-down process, as it seeks to avoid client harm.

Customers and employers have been notified about the decision to close, with guidance on the next steps.

The platform will remain operational for “a period of time”, to give customers time to act, submit queries, and make informed decisions about their accounts and investments.

TILLIT was founded in 2019 as an open architecture platform with handpicked investments across funds, investment trusts, and ETFs.

It offered self-invested personal pensions, stocks & shares ISAs, and general investment accounts.

“When we started TILLIT, our mission was to empower everyone to make great investment decisions, at the beginning with their medium-term savings, and more recently with their pensions,” stated TILLIT founder and CEO, Felicia Hjertman.

“It has been a joy and a privilege to see the beginnings of that vision come to life over the last few years.

“As a growing startup, reliant on external investment to support the growth of the business, we are inevitably impacted by shifts in market conditions.

“Given the current challenging funding environment, unfortunately, we have been unable to secure the funding we need to continue to operate the business and, therefore, have made the difficult but necessary decision to wind down the company.

“Our top priority now is to ensure a smooth, secure and responsible transition for our customers, partners and stakeholders.

“Whilst this is a devastating outcome, I am immensely proud of the product and service we were able to offer customers.

“None of it would be possible without our phenomenal team, supportive shareholders, and most importantly, the trust of our customers. I want to thank each and every one of them – and everyone else who has played a part in TILLIT's journey over the years.”

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