During Avenue’s 2020 Annual General Meeting (AGM), held virtually on 28 January 2021, CEO George Confos shared the company’s top 5 highlights from 2020.
Secured $37m in Series B funding
Submitted key APRA deliverables required for a Restricted ADI licence
Assembled an experienced leadership team
Activated its partnerships strategy
Defined Avenue’s IT strategy and architecture
Avenue CEO and Executive Director, George Confos, said the top highlight from the year was successfully closing the Series B capital raise in a difficult economic environment. “We are delighted to announce that we have raised $37m, with a number of new and existing investors joining the register.”
Regarding Avenue’s application for a restricted authorised deposit-taking institution (ADI) and Australian financial services (AFS) licence, Mr Confos said that the company made significant progress in 2020. “APRA has indicated to us recently that it is on track to begin considering Restricted ADI licences in the domestic market in March. Accordingly, our Restricted ADI target of April 2021 is on track.”
In addition, Avenue has assembled a committed leadership team with the skills to lead the company to ADI. Key hires include:
Chief Credit Risk Officer
James has over 20 years' commercial banking experience working with customers of all sizes across a range of different business sectors. During his time in banking, James has covered roles from credit analysis to origination to work out and recoveries, credit decisioning, portfolio management, and reviewing and writing credit policies.
General Counsel and Company Secretary
An experienced legal, governance and risk professional who joins Avenue from Telstra and has extensive experience negotiating vendor software agreements and other commercial transactions.
Chief People Officer
An experienced human resources professional who has worked in a number of heavily regulated industries at a senior level.
Head of Operations
Lisa joins Avenue from fintech Frollo. Lisa has over 20 years’ experience in financial services, largely within the small and medium-sized enterprise (SME) domain. Lisa has designed, built and run several greenfield operations and has extensive risk, operations and transformation experience.
Mr Confos also announced that in 2020 he and other members of the leadership team were active in the market, meeting with potential partners. “Avenue received letters of support from notable organisations within our ecosystem. They see the benefits of our product suite for their customers. We will progress partnership discussions with these organisations in 2021.”
Finally, Avenue designed its IT strategy and architecture and selected key technology partners. “Most notably, we have signed our core banking platform – SAP’s Cloud for Banking.”
In summary Mr Confos said, “We are in a good position to address the milestones of the year ahead and I look forward to bringing you further updates throughout the year.”
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