Private equity-backed Swiss FinTech major Avaloq has launched a new venture capital subsidiary to boost startups in the sector.
Avaloq, a global Saas and business process solutions provider for banks and wealth managers, said it would partner with investee companies by offering their products on its Avaloq Software Exchange.
Warburg Pincus upped its stake in Avaloq to 45 per cent last year by purchasing Raiffeisen’s 10 per cent holding in the business.
Avaloq said that more than 1,300 third-party fintech developers already work with it, while over 90 third-party fintech solutions are available on Avaloq’s market place.
Avaloq Ventures will be led by Minho Roth, an alternative investments and fintech entrepreneur with previous experience at FiveT Capital and Baader Bank.
Roth 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.”
In April this year Avaloq acquired a 10 per cent stake in Metaco, a Swiss blockchain and crypto-currency specialist.
Copyright © 2018 FinTech Global
