Avaloq's plans to boost its status as a fintech powerhouse received a recent boost with a capital investment from a large Swiss banking group.

Raiffeisen, the Swiss private banking group, is acquiring a 10 per cent stake of fintech house Avaloq, part of a strategic plan by Avaloq to finance growth.

Switzerland-headquartered Avaloq said it is expanding its number of shareholders; Raiffeisen has been working with the firm since 2007.

"By strengthening its capital base, Avaloq, until now owned by employees and management, will be in a prime position to accelerate the implementation of its ambitious growth plans. This includes investments in two upcoming opportunities as well as in other defined growth sectors and innovations," Avaloq said in a statement issued by the two firms late last week.

Arizon, the joint-venture of Raiffeisen and Avaloq, was founded in January 2015. The venture is creating a retail banking platform in Switzerland. Avaloq has more than 1,800 banking and IT specialists and has a global customer base of more than 140 financial institutions in over 20 countries. It has branches in Berlin, Frankfurt, Geneva, Hong Kong, Leipzig, London, Luxembourg, Paris, Singapore, Sydney and Zurich. It has development centres in Zurich, Edinburgh and Manila.

The Raiffeisen Group includes the 292 cooperatively organised Raiffeisen banks with 1,004 branches. The Notenstein La Roche Privatbank and the Vescore are 100 per cent subsidiaries of the Raiffeisen Switzerland Cooperative. As of 30 June 2015, Raiffeisen Group had SFr200 billion ($200.4 billion) in assets under management.