Avoka on growth path with local bank deals

Fintech company Avoka, which provides digital customer acquisition services for financial services companies, has achieved a record level of orders in fiscal 2016.

Underpinned by ongoing market expansion and support from major international customers, orders grew 52 per cent year-on-year. This was outpaced by product orders which increased by a record 57 per cent in the 12 months ended June 30, according to a company statement.

Avoka secured a 59 per cent increase in annual subscriptions in fiscal 2016, with the gains in this benchmark indicator reflecting significant commitment by clients in major markets such as the US and UK to product development and the customer acquisition simplicity offered by the Avoka Transact platform. The fintech’s clients now include two global banks, five of the top 50 banks in the US, and four of the top 10 banks in Australia.

“Avoka is at an incredibly exciting stage of development,” chief executive Philip Copeland said.

“We remain on an impressive growth trajectory and remain committed to further building our business in established markets and reaching into new markets,” he said.

“As a fintech company with a unique offering we are receiving great support from traditional financial services organisations that need to modernise their business and seek our expertise with digital transformation.”

Mr Copeland said the company’s $16 million capital raising that was recently completed in the Australian market provides funds to ensure Avoka takes advantage of its strong organic growth prospects and expands its product range and capabilities.

He said Avoka will continue building Avoka Transact as the leading single platform for driving customer-centric digital transformation in the finance and government sectors while integrating critical fintech services such as fraud and identity management, funds transfer and core banking connectivity.

Avoka has more than 105 staff in Sydney, Denver, and London and is one of 14 Australian firms that form KPMG’s ‘mLabs’ project linking mutual banks with fintech start-ups.

[Related: Seven lenders unite to stir big bank complacency]

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