Connect with us

Global Banking and Finance Review is an online platform offering news, analysis, and opinion on the latest trends, developments, and innovations in the banking and finance industry worldwide. The platform covers a diverse range of topics, including banking, insurance, investment, wealth management, fintech, and regulatory issues. The website publishes news, press releases, opinion and advertorials on various financial organizations, products and services which are commissioned from various Companies, Organizations, PR agencies, Bloggers etc. These commissioned articles are commercial in nature. This is not to be considered as financial advice and should be considered only for information purposes. It does not reflect the views or opinion of our website and is not to be considered an endorsement or a recommendation. We cannot guarantee the accuracy or applicability of any information provided with respect to your individual or personal circumstances. Please seek Professional advice from a qualified professional before making any financial decisions. We link to various third-party websites, affiliate sales networks, and to our advertising partners websites. When you view or click on certain links available on our articles, our partners may compensate us for displaying the content to you or make a purchase or fill a form. This will not incur any additional charges to you. To make things simpler for you to identity or distinguish advertised or sponsored articles or links, you may consider all articles or links hosted on our site as a commercial article placement. We will not be responsible for any loss you may suffer as a result of any omission or inaccuracy on the website. .

Top Stories

AVALOQ ANNOUNCES RECORD 2017 RESULTS, DRIVEN BY 12 CUSTOMERS GOING LIVE
AVALOQ ANNOUNCES RECORD 2017 RESULTS, DRIVEN BY 12 CUSTOMERS GOING LIVE

Published : , on

  • Adjusted EBITDA grew to over CHF 100 million. Group revenues up to over CHF 550 million. Cash on hand up to over CHF 180 million
  • Strong shift of demand towards Avaloq’s Software as a Service (SaaS) and Business Process as a Service (BPaaS) solutions from banks and wealth managers in Asia Pacific, Switzerland and EMEA
  • New customers in 2017 included Bank of Asia, Kasikornbank and Deutsche Apotheker- und Ärztebank, among others.
  • 12 customers went live using Avaloq solutions in 2017 including RBC Asia, Edmond de Rothschild and Notenstein La Roche Privatbank. In addition, at the start of 2018, a first wave of 22 of the 255 Raiffeisen banks in Switzerland went live
  • More than 1,300 third-party developers have signed up to Avaloq’s co-innovation portal. Over 90 fintech solutions now form part of the unique Avaloq Software Exchange platform boosting the Avaloq ecosystem

Avaloq, an international fintech and leader in integrated banking solutions, has reported strong earnings for 2017 driven by sustained demand for the firm’s banking and wealth management solutions. Its unparalleled focus on Software as a Service (SaaS) and Business Process as a Service (BPaaS) continues to win new customers and deliver significant value for established customers as the digital transformation of the financial services sector, the need for flexible business models and increased automation drive the future of the market.

Avaloq generated full year revenues of over CHF 550 million in 2017. Adjusted earnings before interest, taxes, depreciation and amortisation (EBITDA) increased to over CHF 100 million. Cash on hand grew to over CHF 180 million.

2017 saw a significant volume of customer projects: 12 customers went live using Avaloq solutions including RBC Asia, Edmond de Rothschild and Notenstein La Roche Privatbank, for instance, while new customers included Bank of Asia, Kasikornbank and Deutsche Apotheker- und Ärztebank, among others. In addition, Avaloq saw a significant number of additional special projects for customers which helped drive record revenues. Sales, as measured by total contract value yielded significant growth providing more than 80% revenue under contract for 2018 as well as high revenue visibility underpinned by a strong opportunity pipeline and increased customer activity including 22 of the 255 Raiffeisen[1] banks in Switzerland going live at the start of the new year.

More than 1,300 third-party developers have signed up to Avaloq’s co-innovation portal, while over 90 fintech solutions are now part of the unique Avaloq Software Exchange platform. Launched in September 2015, the Exchange is an online marketplace open to current and future Avaloq partners including fintech firms, and financial institutions. It offers access to the entire Avaloq Community, consisting of 158 banks worldwide which manage assets worth around $4 trillion using Avaloq solutions.

Avaloq also welcomed global private equity firm Warburg Pincus as a significant shareholder in June 2017. In line with its plan to accelerate growth organically and through acquisitions, Avaloq has recently implemented a new governance structure and team to strengthen its operational and strategic management.

Francisco Fernandez appointed JuergHunziker as the new Group CEO to lead the execution of Avaloq’s growth strategy, harnessing the power and the capabilities of the firm’s 2,000+ staff worldwide. Francisco Fernandez, as Group Chairman, thought leader and innovator focuses on the long-term strategy for Avaloq, on innovations, and on driving acquisitions.

JuergHunziker, Avaloq’s Group CEO said: “2017 was a record-breaking year for Avaloq and demonstrated the strength of our business model and our customers’ focus on automation and digital excellence. The triple requirement for banks to undertake digitisation projects while remaining compliant and maintaining a competitive edge continues to drive demand for our services. We have the strength and depth to build the business further in 2018 and the years ahead.”

Francisco Fernandez, Avaloq’s Founder and Group Chairman, said: “2017 was a remarkable year for Avaloq not just in terms of our financials but in terms of customer engagement, new business growth across all our markets, the continued development of our innovative SaaS and BPaaS solutions and the success of the Avaloq Software Exchange, to name a few. We believe the strength of the Avaloq proposition is truly compelling as financial institutions look to capitalise on the tech-driven changes impacting – and transforming – the sector. Our ethos remains simple: our success is driven by the success of our customers and this will continue to fuel our ambitions as we look ahead to another exciting year.”

Avaloq reports its results on an IFRS basis consistently from year to year inclusive of all necessary charges, provisions and accruals reflecting the operations of the business.

Uma Rajagopal has been managing the posting of content for multiple platforms since 2021, including Global Banking & Finance Review, Asset Digest, Biz Dispatch, Blockchain Tribune, Business Express, Brands Journal, Companies Digest, Economy Standard, Entrepreneur Tribune, Finance Digest, Fintech Herald, Global Islamic Finance Magazine, International Releases, Online World News, Luxury Adviser, Palmbay Herald, Startup Observer, Technology Dispatch, Trading Herald, and Wealth Tribune. Her role ensures that content is published accurately and efficiently across these diverse publications.

Global Banking & Finance Review

 

Why waste money on news and opinions when you can access them for free?

Take advantage of our newsletter subscription and stay informed on the go!


By submitting this form, you are consenting to receive marketing emails from: . You can revoke your consent to receive emails at any time by using the SafeUnsubscribe® link, found at the bottom of every email. Emails are serviced by Constant Contact

Recent Post