Avaloq, a global provider of Software as a Service (SaaS) and Business Process as a Service (BPaaS) solutions to banks and wealth managers, launched a venture capital fund.
Zurich, Switzerland-headquartered Avaloq Ventures AG will provide access to venture capital funding and growth support for startups and fast-growing fintech businesses partnering with Avaloq, e.g. by offering their solutions on the company’s Software Exchange.
Today, more than 1,300 third-party fintech developers work with the company and over 90 thirds-party fintech solutions are available on its marketplace.
The new subsisdiary will be led by Minho Roth, an alternative investments and fintech entrepreneur with experience in funding startups, who Roth has worked for FiveT Capital AG and Baader Bank AG, among others.
Avaloq founder and group chairman Francisco Fernandez will be the Chairman. Other board members include:
- Lex Fenwick, previously CEO of Bloomberg and Dow Jones;
- Professor Dr. 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.
Avaloq Ventures will look to partner 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.
It will leverage the track record that Avaloq has in investing and co-innovation. In April this year, for instance, the firm acquired a 10% stake in Metaco, a Lausanne-based blockchain and crypto-currency specialist.
FinSMEs
18/11/2018