Avaloq, the international fintech leader, has doubled the size of its London office to cater for strong growth in the UK driven by demand for its Software as a Service (SaaS) and Business Process as a Service (BPaaS) solutions among UK private banks and wealth managers.
The firm’s new City of London office comes after the London team has already doubled in size over the past year and provides sufficient space for further growth.
Avaloq has successfully capitalised on the need for UK wealth managers and private banks to deliver better client experiences, cost-effectively meet new compliance requirements such as the Second Payment Services Directive, and improve competitiveness. The firm, whose software, SaaS and BPaaS solutions underpin in excess of CHF 4 trillion globally, recently announced wealth manager Smith & Williamson as its latest UK client, joining Canaccord Genuity Wealth Management and Coutts, among others.
The London office move is part of an expansion drive by Avaloq across both its Edinburgh and London sites as the firm targets growth in the UK. The expansion and investment in London complements similar growth at Avaloq’s Research & Development facility in Edinburgh, one of three R&D centres globally, which has seen staff numbers increase by more than 50% over the past year. In total, Avaloq currently employs around 150 staff in the UK, 5% of its global workforce.
Jonathan Davis, UK Managing Director at Avaloq, said: “We see excellent opportunities in the UK and it is a core investment market for us. The mature wealth management, private banking and wider banking sector is undergoing profound change, looking to digitise quickly and remain competitive in a rapidly changing business world. Technology such as the Avaloq Banking Suite can transform how institutions run both back- and front-office operations, and how they can incorporate new functions and products into their service proposition seamlessly.
“London is not only one of the world’s major financial centres, it is also a leading fintech hub and we are intent on growing our UK business. The London team works closely with our development centre in Edinburgh, with the London office focused on sales and implementation, and this drive reflects our ambitions in the UK as well as Europe.”