Reports
Avaloq Wins 11 New Clients As Business Momentum Builds
The fintech firm's recent financial results highlighted new clients it has brought on.
Switzerland-headquartered Avaloq, the fintech firm, has won 11 new clients in its latest financial year period, and now serves 450 banks and wealth managers. Turnover is almost SFr500 million ($520.7 million), it said last week.
The firm gave few other financial figures in its report; this publication has contacted Avaloq for clarification.
New customers include China CITIC Bank International, Crestone, the former wealth management arm of UBS Australia and BIL Suisse, it said in a statement.
Turnover has grown by almost 20 per cent annually over the past five years.
In addition to Avaloq’s now fully owned Swiss BPO centre, Avaloq has recently launched BPO centres in the EU and Asia.
Last December, Raiffeisen, the Swiss private banking group, acquired a 10 per cent stake in Avaloq, part of a strategic plan by the fintech firm to finance growth. Avaloq said it is expanding its number of shareholders; Raiffeisen has been working with the firm since 2007.
A fortnight ago, Asia-based Maybank Private Wealth implemented the Avalog Banking Suite.
