Advanzia Bank publishes its 2022 results and announces a change in CEO

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The European digital bank reports another successful year with continued growth and solid financial results

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13/03/2023 |
  • AdvanziaBank-NishantFafalia

Advanzia Bank, the European digital bank specialising in credit cards and payment solutions, reports another consecutive year of growth in all its markets, continued progress on its strategic initiatives and strong financial results based on prudent credit risk underwriting. The bank reported a gross credit card loan balance of EUR 2.6 billion for its 2.2 million cardholders internationally, representing an annual growth rate of 8.8%. Credit card turnover went up by 25.6% to EUR 5.3 billion. The financial year concluded with a net income of EUR 122 million.

Notable business achievements for 2022 include the exceptional growth in its first full year of operations in Italy, the sixth consumer market that Advanzia has entered with its no-fee credit card offering that is also available in Germany, Luxembourg, France, Austria and Spain. The launch of the new Capitol app and the full migration of all private banks to the omni-channel platform are digital transformation milestones that demonstrate the bespoke Cards-as-a-Service offering Advanzia delivers to this business segment.

With the publication of its 2022 financial results, the bank also announced that its CEO of six years, Roland Ludwig, is leaving the bank.

“Advanzia Bank is a success story, and the 2022 results demonstrate yet again our solid business model and both the relevance and popularity of Advanzia’s credit cards and payment solutions. It has been an honour to accompany the bank on its journey towards becoming a leading European digital card issuer. I look forward to seeing Advanzia’s future success as I take my leave to focus on new professional challenges,” comments Roland Ludwig, outgoing Chief Executive Officer.

The chairperson of Advanzia’s Board of Directors, Bengt Rem, commented: “On behalf of the Board, I would like to express our sincere appreciation for Advanzia’s management and employees for another successful year. Since Roland Ludwig joined in 2017, Advanzia has grown uninterruptedly, made significant leaps in its digital transformation, became a pan-European card issuer active in six markets and established itself as a European market leader for Cards-as-a-Service solutions. Advanzia is in an excellent position to pursue its ambitious future plans.”

A succession plan is in place and in the meantime, Mr. Nishant Fafalia, long-standing member of Advanzia’s Board of Directors, has stepped in as Interim CEO (subject to CSSF approval). Together with the remaining members of the Executive Management Committee, he is in charge of the day-to-day management of Advanzia.

Download the Advanzia Bank 2022 Annual Report here.

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