# 191 -Avaloq

Founder / s: Francisco Fernandez
Key people: Francisco Fernandez (CEO), Dean Gluyas (CFO) and Jürg Hunziker (Chief Markets Officer)
Employees: 1k – 5k

The Avaloq group is an avon leading fintech company. With its core and digital banking software, the Avaloq Banking Suite, and its international network of BPO centres, Avaloq bringing trustworthy and efficient banking to the world, delivered through great user experience.

With its integrated BPO services, Avaloq is the only independent provider for the financial industry to both develop and operate its own software.

History

Avaloq was founded in Zurich, in 1985, under the name “BZ Informatik Aktiengesellschaft”, functioning as the information technology subsidiary of BZ Bank  (de) . In 1991, 30% of the share capital was taken by the employees as a result of a Partial management buyout. At that time there were five staff and the cost of the buyout was $ 200,000.

The first country was Swiss national Bank, express followed by five other commercial banks in Switzerland. The system then spread international although it had had little impact in America. Initially the firm was called BZ Informatik, and its product “AdvAntAge”.

In 1996 the current name was adopted. In 2001 the company was split from BZ Bank, as the employees acquired 100% of the share capital.