Avoka eyes international expansion thanks to $12m funding

Financial services-focused online form software business Avoka has picked up $12m of investment to expand out from its Australia and London bases.

The company said its backers included experienced fintech investors, institutions and professional investors in Australia. Moelis & Company acted as financial adviser and lead manager.

Avoka’s software aims to acts as the primary interface between an organisation and its customers at the point of sale or customer acquisition, such as 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.

Company chief executive Phil Copeland said, “The enthusiasm shown by the Australian investment community in our expansion funding round is tremendously encouraging.

“Avoka self-funded its growth and product development until 2013 when it received an initial investment from prominent Australian 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, which has more than 95 staff in Sydney, Denver, and London has clients including two global banks, five of the top 50 banks in the US, and four of the top 10 banks in Australia.

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