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Avaloq invests in Raquest

Avaloq invests in Raquest

The venture arm of Swiss core banking vendor Avaloq has made a strategic investment in Raquest, a German software provider that helps banks process foreign withholding taxes digitally. The size of the investment was not disclosed.

Raquest says that shareholders lose billions of euros every year in overpaid withholding tax to foreign tax authorities as dividends received from capital gains are subject to double taxation.

The German company's software promises to make it easy for financial institutions to get relief at source and reclaim withholding tax through automated digital processing.

Alexander Lerch, CEO, Raquest, says: "I am convinced that Avaloq Ventures' experience and international network will help us expand and reach our strategic goals."

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