Swiss banking software and services provider Avaloq has got a 300 million Swiss franc ($300 million) injection from private equity firm Warburg Pincus in what the group described as a first step towards a potential public listing.

The deal, which values Avaloq at more than 1 billion Swiss francs, will give the New York-based firm a 35 percent stake in the Swiss group, the partners said on Wednesday.

Banks are turning to outside software providers for help in running core banking operations to cut costs, meet stricter regulations and fend off fintech rivals as they address mercurial consumer expectations.

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