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Avoka Announces Third Year of Rapid Growth as Bank Customer Acquisition and Onboarding Accelerates in Key Markets

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Avoka Announces Third Year of Rapid Growth as Bank Customer Acquisition and Onboarding Accelerates in Key Markets

North America Leads with Adoption of Avoka Springboard Digital Account Opening Solution

PR Newswire

DENVER, Sept. 05, 2018 /PRNewswire-PRWeb/ -- Avoka, the developer of the leading platform dedicated to outstanding customer journeys in banking, today announced strong growth and customer adoption for its fiscal year ended June 2018. Led by a record 70% order growth in the North American market, Avoka continued its string of outstanding annual increases, with global product revenue also up 70% over the prior year.

The fintech company has operations in Australia, North America, and across Europe. Success during the year was driven by strong expansion of projects at existing large banks, ranging from business bank onboarding and KYC to retail credit card customer acquisition. For new customers, the strength of Avoka adoption for omnichannel Deposit Account Opening at mid-sized banks and credit unions in the US is a highlight. In June of 2018 Avoka announced Springboard Solutions, the company's first packaged solution on its extensible platform, to deliver fast to market Deposit Account Opening for US banks.

"A highlight of our year has been hitting the mark with our Springboard Deposit Account Opening solution, our first delivery of a fully configured system delivered with integrations to fintech services like identity, fraud detection and funding," stated Philip Copeland, Avoka co-founder and CEO. "This resulted in fantastic growth with North America taking the lead as our largest region globally."

Digital account opening in North America and Australia continued to accelerate over the past year according to Avoka's Digital Sales in Banking research, published in April 2018. Led by the largest banks, this has created a gap that mid-sized banks are now rushing to fill.

Avoka's highlights for the year just completed include:

  • North American bookings grew 70% during fiscal 2018
  • Recorded 88% increase in product bookings to existing customers
  • Total global product revenue increased by 70%
  • Increased the size of its worldwide team by 48%
  • Launched Springboard Deposit Account Opening solution, the only package customer acquisition solutions delivered on an extensible platform
  • Awarded or nominated for at least 10 different awards, including global recognition for success with global commercial onboarding at customer HSBC

Mr. Copeland added, "I feel very proud of what we've been able to achieve in FY18 – and super excited by the prospects for FY19, where we remain focused on achieving results for our customer and taking advantage of the rising importance of digital customer acquisition for banks globally."

About Avoka:
Avoka creates customer acquisition and onboarding journeys in financial services, government and other industries. For account opening, lending applications, and business onboarding, Avoka Transact enables outstanding experiences that accelerate customer acquisition and time to market. Avoka was founded in 2002 and has digitized over 100 million transactions for 150+ global clients. Avoka is based in Denver, CO; Sydney, Australia; and London, England. Visit us at https://www.avoka.com/.

 

SOURCE Avoka

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