Avaloq is a global provider of Software as a Service (SaaS) and Business Process as a Service (BPaaS) solutions to banks and wealth managers. Currently, more than 1,300 third-party fintech developers work with Avaloq and over 90 thirds-party fintech solutions are available on Avaloq’s marketplace.
With the Avaloq venture fund, Avaloq sets new ambitions of building and accelerating innovation in the sector. Through dedicated funding and co-innovation within the Avaloq Community, banks and wealth managers will now be able to innovate even faster and provide new services to their customers in an efficient and secure way.
Avaloq Ventures will leverage the successful track record that Avaloq has in investing and co-innovation. In April this year, the firm acquired a 10% stake in Metaco, a Lausanne based blockchain and crypto-currency specialist. In the future, Avaloq will continue to identify potential M&A deals at a group level while facilitating fintech funding through Avaloq Ventures.
Additionally, Avaloq Ventures will collaborate with third-party investors such as banks, wealth and asset managers, and established fintech companies in providing capital. The size of funding will be decided on a case-by-case basis.
Minho Roth appointed as CEOAvaloq Ventures will be led by Minho Roth, an alternative investments and fintech entrepreneur with extensive experience in investment and capital raising for technology start-ups. Minho has worked for FiveT Capital AG and Baader Bank AG among others. Francisco Fernandez, Founder and Group Chairman at Avaloq, will join as Chairman. Other board members include Lex Fenwick, previously CEO of Bloomberg and Dow Jones; Philipp Sandner, Head of the Frankfurt School Blockchain Center; and James Stickland, previously Director of Innovation & Investments at HSBC and part of JP Morgan Chase’s CIO office.
Minho Roth, the CEO Avaloq Ventures, said: “This is one of the most exciting developments in the global fintech sector, and I’m delighted to be given the opportunity to lead and grow Avaloq Ventures at this pivotal moment in the evolution of the global financial services and technology sectors. We will look to identify, fund and support the most innovative start-ups and companies with the greatest growth potential. They will be able to leverage their access to Avaloq’s client community of more than 150 banks and wealth managers worldwide.”
Avaloq Ventures launches simultaneously with Avaloq’s next generation ecosystem to feature a new way to access innovation based on ready-to-bank third-party solutions, the highest security and standardized secure and scalable banking APIs. Avaloq will launch 150 API endpoints during the second half of 2018.