Avoka raises $16m in new funding
Digital customer acquisition technology firm Avoka has raised $12 million in equity funding in a round managed by Moelis Australia, reports David Penn at Finovate (Banking Technology‘s sister company).
Investors included both existing and professional backers, and the company says the funds will be used to support growth plans already underway in Australia, North America and Europe.
Avoka founder and CEO Phil Copeland says the financing “allows us to maintain an aggressive expansion in our technology, sales, partner and customer success organisations”.
Avoka adds that it plans also to “focus on investment and hiring to support current and projected customers”. This includes a plan to boost staff numbers by 50% by the end of the current fiscal year. This week’s funding, which echoes a similar investment from last summer, takes Avoka’s total capital to more than $24 million.
Founded in 2002 and headquartered in Denver, Colorado, Avoka provides solutions for a variety of industries within financial services, including retail, business, and commercial banking, wealth management, superannuation and insurance.
The company says it includes five of the top ten banks in Australia, four of Europe’s ten leading banks, and eight of the top 50 banks in the US among its customers.
In August, Avoka announced record growth for a second year in a row. In June, the company introduced its CX Design for Banking offering to help FIs decrease application abandonment and boost conversion rates.
