Crealogix slumps to a loss but revenues soar on SaaS business model transition

By Oliver Smith on Wednesday 18 September 2019

Digital Banking

Banking software provider Crealogix made a record 101.9m Swiss Francs in the year to June.

Crealogix slumps to a loss but revenues soar on SaaS business model transition
Image source: Crealogix CEO Thomas Avedik.

Zurich-based digital banking provider Crealogix posted record revenues yesterday, the culmination of a shift to a software-as-a-service business model, which also left the business with a net loss.

“Our objective is to transform the company in terms of licensing models, product alignment and partner network,” wrote Crealogix CEO Thomas Avedik and Chairman Bruno Richle in a note to investors.

Revenues for the 12 months to June were 101.9m Swiss Francs (£81.7m), up from 87.1m Swiss Francs the previous year, however, Crealogix reported a loss of 6.3m Swiss Francs, down from a slim profit of  0.7m in 2018.

“Developments in the 2019/20 financial year will reflect the financial efforts made to change Crealogix’s business model,” added Avedik and Richle.

“Revenues are to be increased further and Crealogix expects the transformation to have a positive impact in the mid-term in form of solid cash flows and double-digit EBITDA margins.”

Crealogix now has over 700 employees around the world and is working in Southeast Asia with a Tier 1 bank on rolling out Crealogix’s digital wealth management tech for its entire client base.

The company expects to capitalise on further business in the European market.

In June Crealogix announced its chief financial officer Philippe Wirth will leave the business at the end of December 2019.

The following month Daniel Bader was selected as his replacement and will take over at the end of the calendar year.

Sign up for our newsletters


Your daily 7am download of all things alternative finance and fintech.

Fintech and alternative finance headlines with an exclusive Editor's Note each week. Delivered Monday at midday.