Avoka, a software developer primarily for the banking industry, was supported in the capital raising by experienced fintech investors, Australian institutions and professional investors, with Moelis & Company acting as financial adviser and lead manager.
“Avoka self-funded its growth and product development until 2013 when it received an initial investment from prominent tech investor Roger Allen. We will use the latest funds to accelerate our already strong organic growth prospects, expand our product capabilities with important technology partners, and explore new markets," Avoka chief executive Phillip Copeland said.
“In particular, the increased funds allow us to continue building ‘Avoka Transact’ as the leading single platform for driving customer-centric digital transformation in the finance and government sectors worldwide.”
Copeland says, as part of its expansion and development program, Avoka is committed to meeting already established demand for product implementation and delivery, and to further integrate critical fintech services such as fraud and identity management, funds transfer and core banking connectivity.
Copeland said, specifically, Avoka would use the new funds to focus on:
• Investing in sales and marketing personnel in the US and UK to capitalise on the strong sales pipeline in financial services;
• Formalising partner relationships with consultancy and system integration firms and core technology providers to expand distribution capabilities and outsource its implementation service functions to expand into other regions including Western Europe, Latin America, and Asia; and
• Continuing to develop Avoka Transact product features and its integration to different platforms
“Approximately 65% of Avoka’s revenue is derived from outside Australia, and that is expected to grow substantially following the success of this most recent round of fund-raising,” Copeland said.