The Digital Company lands in the UK and Luxembourg and announces a major capital increase
Milan, 27 June 2023 – As anticipated last November in the 2023-2025 business plan, Armundia Group, a digital company specialised in Fintech and Insurtech solutions for the banking, insurance and financial sectors, opened its first companies in the United Kingdom and in Luxembourg.
The official announcement followed the presentation of the 2022 financial statement, which confirmed the continuous growth of the Group, and its objectives of strengthening its process of internationalisation. A major increase in share capital has also been approved.
OBJECTIVES AND RESULTS
Among the main economic results, Armundia Group closed 2022 with a turnover of over 13 million euros (+22% compared to 2021) and a production value exceeding 15 million euros. The boost for Research and Development has been a key factor for the Group’s growth and increased competitiveness. In 2022 alone, investments in R&D exceeded 2 million euros, contributing significantly to the results obtained.
The staff, distributed across 5 offices, recorded an increase of 23% and continuous growth is expected in 202 as well; female employment rate (45%) and the presence of highly qualified professionals are among the Group’s distinctive strengths.
In the coming months, the company aims to increase investments in research, by consolidating relations with universities and recruiting competent professionals with cutting-edge skills, while complying with its grassroots social sustainability objectives: gender, diversity and inclusion. As part of its ongoing pledge to sustainable development, welfare strategies and the reduction of environmental impacts have also been confirmed.
The shareholders’ meeting also approved an important consolidation of its capitalisation by increasing the share capital from 100,000 to 500,000 euros, to provide the company with new resources and to support the Group’s growth opportunities, enhancing internationalisation strategies and intensifying investments in research and development, as mentioned above.
INTERNATIONALISATION
The main goal of the newly established start-ups, Armundia United Kingdom Ltd and Armundia Luxembourg Sarl, is to innovate the digital transformation process of the banking and insurance sectors. Their goal is to enhance strategic and operational processes, and make services to end customers more competitive and distinctive. Armundia Group has chosen London and Luxembourg; two multicultural cities that are crucial and strategic points for the development of international markets, where the Group has already been present for several years through strategic and commercial activities..
RESEARCH AND DEVELOPMENT
Nel corso del 2022 Armundia Group ha intensificato gli investimenti in ricerca e sviluppo. In linea con quanto avvenuto nei precedenti esercizi, l’attività si è orientata principalmente verso progetti finalizzati ad accrescere efficienza e carattere innovativo delle proprie soluzioni, destinando molte risorse alla sperimentazione e alla implementazione di esperienze immersive in realtà estesa (aumentata, virtuale o mista, anche in metaverso) per l’evoluzione in chiave sempre più ibrida dei modelli di servizio e la progressiva implementazione di tecnologie e sistemi di intelligenza artificiale.
During 2022, Armundia Group increased investments in research and development activities. In line with previous years, the company worked on enhancing its innovative solutions, by allocating resources to the experimentation and implementation of immersive extended reality experiences (augmented, virtual, mixed, and the metaverse) for the increasingly hybrid service models, and the progressive implementation of artificial intelligence technologies and systems..
Among the main objectives, the company developed the “Armundia 3SIXTY” scalable solutions suite, that includes the 3SIXTY ADVISORY platforms for the banking and financial consultancy, 3SIXTY BANCASSURANCE, for the digital bancassurance, and 3SIXTY PORTFOLIO, the new front-end for asset management. Soon to be launched are the AI enhanced augmented reality reporting modules, supporting financial advisors and private bankers, the module for supporting board meetings, the module for dynamic advisory with a lifecycle approach, and the chatbot module for interrogation of complex data systems with generative artificial intelligence, and natural process language technologies.
In the coming months, investments in R&D will see a further increase, exceeding +20% of the Group’s turnover, across three growth directions: technological, regulatory and commercial.
Focusing on expanding the offer to foreign markets, thanks to its greater capacity of segmentation and distribution of the final target – from the “traditional” customer to the next gen – and its scalable and modular architectures, the Group will support innovation strategies for the incremental and sustainable development of the banking, financial and insurance sectors, enhancing its competitiveness with highly distinctive solutions fully integrable with existing organisational, and operational scenarios.
“The results we obtained in 2022, in line with the development objectives of the 2025 business plan – comments Gianluca Berghella, President and CEO of Armundia Group – confirmed once more the benefits of the strategy we adopted so far, pivoted around continuous investments in research and in innovative development for the banking, insurance and financial market to increase competitiveness and distinctiveness, thanks to sustainable and rationalised strategies of digital transformation and innovation. We believe the right time has come to consolidate and accelerate our Group’s growth and competitiveness also in the international markets”.
“Armundia’s offer and product strategies have never been based solely on a domestic vision of operating processes but always on a global approach – continues Berghella -. We are adamant the digital transformation model offered by Armundia can be increasingly exported to foreign markets, starting with the UK and Luxembourg banking and insurance sectors which have been particularly receptive towards an evolution in this direction. This is an important challenge that local banks must be ready to face and which will open up great business opportunities for our Group”.
