Sydney fintech Avoka completes $16m capital raising
Avoka Technologies, the global leader in digital customer acquisition software for financial services, today announced the completion of an approximately A$16 million equity raising from existing institutional and professional investors.
The latest financing follows a similar equity raising in June 2016 and reflects substantial confidence in Avoka’s growth plans based on the recent announcement of record financial results. The transaction was managed by Moelis Australia.
Funds raised will be used to support growth plans now underway in Australia, North America and Europe, with a focus on investment and hiring to support current and projected customers. Avoka, which currently has 220 employees, is undertaking a global expansion program and plans to increase staff numbers by 50% by the end of the current financial year.
“Our planned pace of growth continues across all three of our target geographies, and this financing allows us to maintain an aggressive expansion in our technology, sales, partner and customer success organisations,” said Phil Copeland, Avoka’s founder and CEO.
“We are continuing to expand and hire new employees in our offices in Sydney, Denver, London and Frankfurt,” Mr Copeland said.
“The successful completion of this equity raising from existing investors reflects the phenomenal progress made by the Avoka team and their ability to deliver on their forecasts,” said Angus Murnaghan, a Managing Director at Moelis Australia.
“The opportunity ahead of them is significant and investors are excited to continue to support the team at Avoka,” Mr Murnaghan said.
In August, Avoka announced record annual growth with orders increasing 79% during the year ended June 30. The company was recently named on the Deloitte Technology Fast 50 list in recognition of its 176% revenue growth over the past three years.
Driving this performance has been widespread adoption of the company’s Avoka Transact platform, which large banks around the world are using to accelerate their digital transformation.
Avoka Transact is helping banks improve their customer experience and reducing their time-to-market across a range of areas from retail credit card applications to more complex commercial bank on-boarding.
Avoka’s customers include five of the top 10 banks in Australia, four of Europe’s 10 leading banks and eight of the top 50 banks in the United States.
“Avoka is confident it will make further inroads into the global financial services sector as major banks and other companies acknowledge the need to provide customers with the best digital access to their products,” Mr Copeland said.
“We are very excited about the opportunity to work with current and new clients to ensure they have the most functional and modern systems in place to keep costs in check and remain competitive,” he said.