Monday, 27 June 2016 20:17

Avoka tops up its coffers with $16 million capital raising

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Australian-founded global digital customer acquisition company, Avoka, has secured $16 million in funding to be used for international expansion and to further develop its financial services product range.

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.”

Avoka’s software-as-a-service (SaaS) solutions help solve the problem of digital customer acquisition and sales for large organisations, with its Transact solution acting as the primary interface between an organisation and its customers at the point of sale or customer acquisition – like using a mobile or desktop device to open a bank account, applying for a loan or credit card, enrolling in or renewing a new government service or submitting an insurance claim.

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.

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Peter Dinham is a co-founder of iTWire and a 35-year veteran journalist and corporate communications consultant. He has worked as a journalist in all forms of media – newspapers/magazines, radio, television, press agency and now, online – including with the Canberra Times, The Examiner (Tasmania), the ABC and AAP-Reuters. As a freelance journalist he also had articles published in Australian and overseas magazines. He worked in the corporate communications/public relations sector, in-house with an airline, and as a senior executive in Australia of the world’s largest communications consultancy, Burson-Marsteller. He also ran his own communications consultancy and was a co-founder in Australia of the global photographic agency, the Image Bank (now Getty Images).

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