Avaloq, a fintech firm serving wealth managers and banks, has reported revenues of CHF579m for the full year ended 31 December 2018.

This is an increase of 6% from last year’s figure on an underlying basis.

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The firm attributed the growth to various factors such as continued demand for its SaaS, BPaaS and on-premise solutions and accelerated growth in EMEA.

Of the total revenues generated in 2018, 63% were contributed by Switzerland and Liechtenstein.

Twenty seven percent of the revenues came from the EMEA region, which is double the 2017 figure, while 10% came from Asia Pacific.

The firm’s adjusted earnings before interest, tax, depreciation and amortisation (EBITDA) stood at CHF90m in 2018. Cash on hand exceeded CHF144m.

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Notably, last year marked the migration of 253 Raiffeisen entities to the Avaloq platform.

Besides, Avaloq and crypto-asset custody infrastructure specialist METACO joined forces with Swiss bank Gazprombank last December to launch a crypto asset solution.

Among the new clients gained by Avaloq in 2018 were Intesa Sanpaolo, Smith & Williamson, and China’s Industrial Bank.

Avaloq group CEO Juerg Hunziker said: “Looking forward, Avaloq’s growth is underpinned by a robust pipeline.

“As an international leader in fintech and integrated banking solutions, Avaloq is exceptionally well positioned to help its clients succeed in the digital transformation and is increasingly seen as a partner of choice.”