RAQUEST secures strategic investment from Avaloq Ventures for further growth
Raubling, Germany. February 11, 2021. German fintech RAQUEST GmbH has established a strategic partnership with Avaloq Ventures. RAQUEST is the leading software for relief at source and reclaim that enables banks to easily process foreign withholding taxes digitally. The strategic investment is expected to boost RAQUESTS’s ambition for international growth and further strengthen its position as market leader.
Every year, shareholders lose billions of euros in overpaid withholding tax to foreign tax authorities as dividends received from capital gains are subject to double taxation. Overpaid withholding tax is often not reclaimed because the process is bureaucratic, lengthy and complex. The RAQUEST software offers financial institutions an easy, yet reliable way for relief at source and reclaim of withholding tax through automated digital processing. A service that both banks and shareholders significantly profit from.
Avaloq Ventures, the investment company of Avaloq, one of the world’s leading providers of core banking software and services, has established a strategic partnership with German fintech RAQUEST GmbH. The Bavaria-based software company has thus gained a strategically important partner who is expected to further boost RAQUEST‘s ambitious expansion plans.
„We are very excited that we have been able to team up with one of the key players in global financial services industry. I am convinced that Avaloq Ventures‘ experience and international network will help us expand and reach our strategic goals,“ says Alexander Lerch, CEO of RAQUEST GmbH.
About RAQUEST GmbH
RAQUEST GmbH is a subsidiary of Halvotec Information Services GmbH, based in the Bavarian town of Raubling. As the market leader in withholding tax solutions, RAQUEST offers banks a simple way for relief at source and reclaim of foreign withholding tax using highly automated processes. Furthermore, RAQUEST helps banks meet the changing demands in the digital transmission of tax-related data as it is required by an increasing number of countries. The RAQUEST software is already used by international custodian banks as well as several of Avaloq’s clients, including Deutsche Apotheker- und Ärztebank and Liechtensteinische Landesbank.
About Avaloq Ventures
Avaloq Ventures is the investment firm of Avaloq, one of the world’s leading providers of financial software and services based in Switzerland that specializes in digital banking solutions, wealth management technologies and the distribution of its own core banking software. Avaloq Ventures provides start-ups and fintech companies with strategic support and accompanies them in their growth plans through access to venture capital.