Avoka Announces Record Results, Focus on International Expansion

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Avoka achieves record 59% growth in annual subscriptions for fiscal 2016

Avoka, the acknowledged leader in digital customer acquisition for financial services companies and government agencies, today said it achieved a record level of orders in fiscal 2016. Underpinned by ongoing market expansion and support from major international customers, orders grew 52 percent year on-year and, impressively, this was outpaced by product orders which increased by a record 57 percent in the 12 months ended June 30, 2016.

Avoka secured a 59 percent 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.

Revenue per customer increased as Avoka secured deeper agreements with prominent global banks and higher transaction volumes with customers.

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

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

“The significant A$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,” Mr Copeland said.

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. It has more than 80 customers, including some of the world’s largest banks as well as government agencies. Clients include two global banks, five of the top 50 banks in the US, and four of the top 10 banks in Australia.

Avoka Transact acts as the primary interface between an organization and its customers at the point of sale or customer acquisition. Typical examples include 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.

Avoka’s milestones include:

  •     The only Australian fintech invited to Finovate Fall 2016 in New York City (September 8,9)
  •     One of 14 Australian firms that form KPMG’s ‘mLabs’ project linking mutual Authorised Deposit-taking Institutions (ADIs) with exciting fintech start-ups
  •     Securing A$16 million in expansion funding to increase its global footprint (funds raised from fintech investors, Australian institutions and professional investors)
  •     Named one of the worldwide Top10 Fintech companies by KPMG in March 2016
  •     Acknowledged as one of 20 success stories in the “Backing Australian Fintech” report released by the Treasurer Scott Morrison in March 2016

For more information see http://www.avoka.com

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