UK-based investment platform and workplace pension challenger is to close after releasing a statement saying the firm was “unable to secure the level of funding required to continue operating the business”.
Felicia Hjertman, Tillit CEO who left Baillie Gifford to found the business in 2019, said: “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.
“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.”
The firm said it will now be working closely with key partners – including its custodian, Seccl Custody and the Financial Conduct Authority (FCA) – to ensure an orderly wind-down process that “avoids client harm and upholds the highest standards of care”.
