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Avoka Reports Record Growth for Second Consecutive Year

Avoka is celebrating its second year in a row of topping expectations. The company has experienced big gains in order numbers (79% overall, 67% new business), opened a new office in Frankfurt, Germany, and launched a new solution to help FIs build and implement their visions for an omni-channel experience.

“Large banks across Europe, North America, and Australia are continuing to recognize the benefits we provide and this has spurred our growth,” Avoka CEO Phil Copeland said. He credited investments in talent and technology for a system that he said is reducing abandonment rates “by more than 40%,” while reducing implementation time to “as little as three months” and onboarding “from 40 days to three.”

Avoka’s success in Europe, North America, and Australia over the years has resulted in turning four out of Australia’s top 10 banks, four out of Europe’s top 50 banks, and eight out of North America’s top 50 banks into Avoka clients. Avoka’s investments in talent include appointing former KPMG executive Matt Lewis as Chief Financial Officer in February, and hiring former CA Technologies VP Steve Demchuk as Chief Product Officer in March.

Pictured: Avoka Director of Business Development, Hali Khan, demonstrating Transact Insights at FinovateEurope 2017.

Founded in 2002 and headquartered in Denver, Colorado, Avoka demonstrated its Transact Insights solution at FinovateEurope 2017. Just a few weeks ago, the company announced that its partner, Bankwest, had been honored at the Australian Business Banking Awards for Best Omni-Channel Service and Best Digital Platform. In June, Avoka launched its CX Design for Banking solution, which combines human design experts and analytic tools to enable financial institutions to configure their application processes in what CX Design Practice Director Adam Miller called a “customer-centric” way instead of “around their own internal processes.”

Earlier this year, the company presented its 2017 State of Digital Sales in Banking report, looked at how quickly banks were embracing digital financial technologies. Concluding that there is a significant lag between adoption of consumer-based digital banking technologies compared to corporate banking offerings, the report noted that this meant substantial opportunity for fintech solutions exists in the corporate banking space, particularly in historically profitable business lines such as business banking and wealth management.

A multiple-time Finovate Best of Show winner, Avoka has raised $12 million in funding, and includes Moelis Australia Asset Management and Regal Funds Management among its investors.