Swiss FinTech Firm Avaloq Takes 10% Stake In Blockchain Firm Metacobr>
Avaloq develops and provides software for core banking. The Avaloq Banking Suite software is used by over 450 customers, including HSBC, Barclays, Royal Bank of Scotland, UBS, Deutsche Bank, Nomura and Societe Generale. Apart from a 10% holding by a Swiss bank, Avaloq is owned by its employees, and it has major offices in Zurich, Edinburgh and Manila.
Founded in 2014, Metaco has developed specialist, high-grade cryptographic solutions that can be fully integrated into a bank’s core processes. The firm, which is already offering its solutions on the Avaloq Software Exchange, also offers custody solutions for crypto assets.
The acquisition is part of Metaco’s second round of funding. Avaloq has acquired the stake in Metaco to enhance its own expertise and solutions with regards to blockchain technology. Under the agreement, Francisco Fernandez, Avaloq’s founder and Group Chairman, will join Metaco’s Board of Directors with the aim to help Metaco grow and expand.
Fernandez said the two companies will work together to help the financial industry with the opportunities and challenges of blockchain technology by offering solutions in the field of distributed ledger, cryptocurrencies, and digital assets.
“We believe the world is heading towards accelerated digitalization of further asset classes and processes,” Fernandez said. “In just four years, Metaco has developed into a fast-growth provider of cutting edge technologies at the heart of the blockchain industry. It is a fantastic opportunity for Avaloq, and I greatly look forward to working closely with the Metaco team.”
Adrien Treccani, Founder and CEO of Metaco, said the enormous potential of distributed ledgers and digital assets in the banking industry has remained largely unexploited due to the lack of integrated solutions and the radically innovative nature of such systems.
“Avaloq and the other new shareholders will allow us to specialize even further and accelerate growth in the banking sector,” Treccani said. “I look forward to the interaction with Francisco Fernandez and the Avaloq team.”