One company set on expanding in the Scottish capital is global fintech firm Avaloq. Headquartered in Freienbach, Switzerland, Avaloq is a leader in digital and core banking technology, providing software as a service (SaaS) and business process as a service (BPaaS) solutions predominantly for banks and wealth managers.
Edinburgh opened up a rich seam of IT talent and financial services expertise to us. There’s a growing ecosystem here that has led to collaborations with forward-thinking organisations...Mark Doherty, managing director and head, Avaloq’s Edinburgh development centre
With more than 2,000 staff spread across Europe, Asia and Australia, Avaloq serves a mixture of banking and wealth clients in the UK, including such big names as Barclays, Smith & Williamson and Coutts. Growth in Edinburgh and London is part of the firm’s wider global expansion plans, according to Mark Doherty, managing director and head of Avaloq’s Edinburgh development centre.
He says: “We’re an international company with customers in almost 30 countries. The UK is where we innovate though, and our bases here in Edinburgh and London are primarily to attract the brightest talent in the world. This lets us innovate at the pace needed for our UK and international expansion.”
Since setting up its research and development centre in Edinburgh six years ago, Avaloq has grown to employ more than 100 people in Scotland and is recruiting dozens more software developers, business analysts and product owners over the coming months.
Mark Doherty says: “Edinburgh opened up a rich seam of IT talent and financial services expertise to us. There’s a growing ecosystem here that has led to collaborations with forward-thinking organisations like FinTech Scotland and Scottish Financial Enterprise."
As it has grown, Avaloq has taken more space in the prestigious Tanfield office development. Early last year, Avaloq more than doubled its floorspace at the site and is in the process of rebuilding its facilities to accommodate its Avaloq Academy and other new teams with unique focus.
“In Edinburgh we focus on a number of key areas, particularly across digital banking in payments, wealth management and the internationalisation of our software. For example, we’re currently building tax engines and regulatory reporting engines for many countries and clients."
The next stage of Avaloq’s expansion in Edinburgh is to grow its team, strengthen its bond with Scottish universities and continue to transform its processes by constantly improving what it does...