Fintech Avenue closes $37m to launch next-gen business banking solutions
Australian fintech Avenue, is gearing up to launch a digital first business bank after closing its $37m Series B funding round.
Amongst backers of the business is Liberty Financial Group, which has helped more than 500,000 households and SMEs in Australia and New Zealand with more than $36 billion in funding and recently listed on the Australian Stock Exchange (ASX:LFG).
I’m delighted to welcome Liberty as a strategic investor, given its incredible track record and vision to be the leading finance group in Australasia that champions free thinking. I’m excited by our aligned visions and look forward to exploring future opportunities together.
George Confos, Chief Executive Officer
The fresh funds will be used to build core banking technology and activate Avenue’s ‘go to market’ strategy.
Mr Confos said, “Our mission remains the same and we aim to explore more ways to leverage our status as a bank, offering unique services in the market, upon becoming an ADI."
“Avenue’s innovative and digitally enabled product suite will deliver a much-needed cash injection to help Australian businesses. We’re solving real problems for real people, focussing initially on small and medium sized enterprises.”
Mr Confos added, "The impacts of the COVID-19 pandemic have made our value proposition even more pronounced, particularly as government support schemes run off and business activity slowly picks up."
Finally, Avenue added to its first-rate executive team with new leaders who have deep expertise in Credit, HR, Legal and Operations.
Additions to the Avenue Leadership Team:
James McCusker
Chief Credit Risk Officer
Nicole Karagiannis
Chief People Officer
Alex Crammond
General Counsel and Company Secretary
Lisa Cleaver
Head of Operations
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Avenue Bank Ltd ACN 628 073 085, AFSL 520239, is authorised by the Australian Prudential Regulation Authority (APRA) to operate under a Restricted Authorised Deposit-taking Institution licence until 7 March, 2024. Under this restricted licence we are not required to meet the full ADI prudential framework and we will not be offering banking products to the general public. Further information regarding Avenue's restricted Banking Authority is available at www.avenuebank.com.au/radi. Further information on the Financial Claims Scheme is available at www.avenuebank.com.au/fcs.
Avenue Bank acknowledges and pays respect to the past, present and future Traditional Custodians and Elders of this nation and the continuation of cultural, spiritual and educational practices of Aboriginal and Torres Strait Islander peoples.