Evocabank

What Evocabank does

Evocabank (EVOCABANK OJSC) is an Armenian commercial bank founded in 1990 and headquartered at 44/2 Hanrapetutyan Street, Yerevan, regulated by the Central Bank of Armenia. It operates a horizontally segmented franchise across retail consumers, SMEs, corporate clients, non-residents, and socially targeted groups (e.g., displaced families from Nagorno-Karabakh), served through a multi-channel distribution model that combines Yerevan branches, an ATM/POS network, call-center support, and a digital-first stack anchored by the EvocaTOUCH mobile app (with biometric/QR onboarding) and the EvocaONLINE internet banking platform secured with Vasco Digipass tokens and 3D Secure.

The product portfolio spans consumer loans (property-secured, car, renovation, solar under EvocaPOWER, and instant online 'Action' loans disbursed in seconds), residential and commercial mortgages (up to AMD 80M / 240 months from 13.2%), SME and corporate lending (up to AMD 1B per industry-sector facility, with factoring, leasing under Evoca Leasing, guarantees, letters of credit, and green-finance programs), payment cards across Visa, Mastercard, UnionPay, and ARCA networks (Standard through Visa Infinite tiers), multi-currency deposits (AMD/USD/EUR/RUB reaching 10.5% APY on long-term AMD), investment/brokerage via EvocaINVEST, merchant acquiring (POS/V-POS/mPOS), SWIFT-enabled money transfers, safe deposit boxes, the EvocaSALARY payroll project, and ancillary services such as the Dibrary digital library and EvocaBRIDGE graduate program.

The revenue model is dominated by net interest income from the lending book across AMD, USD, and EUR, supplemented by transaction and service fees on cards, transfers, FX conversion, safe-deposit rentals, trade-finance instruments, and deposit-tied card bundling. Evocabank has materially expanded its wholesale funding base over 2024–2025, securing approximately $50M in concessional facilities from the OPEC Fund, BSTDB, EFSE, and Green for Growth Fund (plus participation in a landmark $300M syndicated AI-project loan in 2026), channeling that capital into MSME, women-led business, and climate-aligned lending programs — supported by AML/transaction-monitoring analytics and a digital stack recognized by Global Finance, The Digital Banker, Mastercard, and Visa.

Name

Evocabank

Legal name

EVOCABANK OJSC

Website

https://evoca.am

Company type

Private

Founded year

1990

Operating status

Operating

Headcount range

251–500 employees

Short description

Evocabank is an Armenian commercial bank founded in 1990 serving retail, SME, corporate, and non-resident customers through digital-first channels (EvocaTOUCH, EvocaONLINE) and a Yerevan-based branch network, with a lending-led model spanning consumer, mortgage, business, and green loans.

Ownership category

akta.pro rank

Product category

Commercial Banking

NAICS

Commercial Banking (522110), Finance and Insurance (52), Credit Card Issuing (52221)

SIC

Functions Related To Depository Banking, Nec (6099), Mortgage Bankers & Loan Correspondents (6162), Short-Term Business Credit Institutions (6153), Personal Credit Institutions (6141)

akta.pro primary industry

SME Banking Suite (Business Accounts, Invoicing, Payroll Integrations) (FSAGAAAI)

akta.pro secondary industries

Corporate Cards & Expense Solutions (T&E, purchasing, fleet) (FSABAIAG), Card Issuing & Program Management Platforms (BPAMAFAH), Embedded Payments (Pay-ins, Pay-outs, Wallets) (FSAGALAB)

Keywords

• Retail banking services
• Digital banking platform
• SME lending
• Mortgage loans
• Payment cards

Headquarters

HQ city

Yerevan

HQ country

Armenia

HQ region

Asia

Offices3 records

Markets served

GTM type

B2B and B2C

Offering type

Services

Cost components

Personnel, Operations, Technology or R&D, Infrastructure, Marketing or Sales, Others

Revenue model

1. Interest Income from Lending: Primary revenue stream from interest charged on various loan products including consumer loans, mortgages, car loans, SME lending, and business loans across Armenian dram, USD, and EUR currencies
2. Deposit Interest Expense: Interest paid to depositors on savings accounts, term deposits, and current accounts - represents major cost component
3. Payment Card Fees and Commissions: Annual card service fees, transaction fees for cash withdrawals, card-to-card transfers, and ATM usage across various card tiers (Standard, Gold, Infinite, Business)
4. Deposit-Tied Card Services: Free or discounted payment cards bundled with deposit investments based on deposit amount thresholds
5. Trade Finance Services: Fees from guarantees, letters of credit, documentary collections, and factoring services for business customers
6. Safe Deposit Box Rental: Rental income from safe deposit boxes in three sizes (small, medium, large) for Armenian residents and non-residents
7. Digital Banking Services: Commissions from online and mobile banking transactions, foreign exchange conversions, and utility payments

Pricing tiers

Go-to-market motion1 record

Distribution channels7 records

Marketing channels5 records

Core offering

Evocabank is an Armenian commercial bank providing a full suite of retail and corporate banking products including consumer loans, mortgage loans, car loans, business/SME lending, deposits (AMD/USD/EUR), payment cards (Visa, Mastercard, UnionPay, ARCA), money transfers, safe deposit boxes, trade finance (guarantees, letters of credit, factoring), and investment services. The bank delivers these through a digital-first platform comprising the EvocaTOUCH mobile app with biometric onboarding and the EvocaONLINE internet banking system, alongside a physical branch network, ATMs, and POS terminals. It also offers specialized lending programs including EvocaPOWER (0% solar panel loans), EvocaHOME (renovation loans), and tailored mortgage products for displaced families and border communities.

Product overview

Evocabank is an Armenian commercial bank operating as a unified banking platform with multiple integrated service lines. The core digital banking infrastructure consists of EvocaONLINE (internet banking) and EvocaTOUCH (mobile banking) as the primary digital access channels. The product portfolio spans consumer and mortgage lending (including specialized programs for solar panels, renovation, and displaced populations), corporate/business lending (SME loans, leasing, factoring, trade finance), payment cards (Visa, Mastercard, UnionPay, ARCA networks), deposit products, investment services via EvocaINVEST, merchant acquiring (POS/V-POS terminals), money transfers (including SWIFT), safe deposit boxes, and payroll services via EvocaSALARY. The bank also operates EvocaBRIDGE as a talent development program and Dibrary as a digital knowledge resource. The digital lending platform supports online loan applications for consumer loans, overdrafts, and specialized products like EvocaPOWER (solar) and EvocaHOME (renovation).

Differentiator

Problem solved

Functional benefit

Brands

• EvocaTOUCH: Mobile banking application for digital banking services
• EvocaONLINE
• EvocaSALARY
• EvocaINVEST
• Evoca Travel Card
• EvocaPOWER
• EvocaHOME
• Evoca Leasing
• EvocaBRIDGE
• Evoca Benefits
• Evoca Gift Card
• Visa Vision
• Visa Infinite
• Dibrary

Products and services

• EvocaTOUCH Mobile Banking Mobile banking application enabling customers to manage accounts, conduct transactions, apply for loans, manage cards, and access banking services 24/7 from mobile devices. Supports biometric authentication and QR-code scanning for remote account opening.
• EvocaONLINE Internet Banking Comprehensive internet banking system enabling customers to manage accounts online, view balances and transactions, execute international and local money transfers, make loan repayments, open deposits, pay utilities, and access foreign currency exchange rates. Secured by Vasco token hardware authentication.
• Consumer Loans Wide range of consumer loans including property-secured loans (AMD 50-100M, rates from 15%), unsecured loans, mortgage loans, car loans, student loans, and specialized loans such as EvocaPOWER for solar panels and EvocaHOME for home renovation.
• Mortgage Loans Residential and commercial mortgage loans with up to AMD 80M for residential mortgages, terms up to 240 months, rates from 13.2%, and specialized programs for young families, displaced families from Nagorno-Karabakh, border communities, and service members.
• Business Loans Comprehensive business lending for SMEs and corporations including up to AMD 1B (industry) / AMD 500M (other sectors), rates from 12% AMD / 7.5% USD, terms up to 10 years, plus revolving credit lines, trade finance, and green financing programs.
• Payment Cards Comprehensive payment card portfolio including Visa Infinite, Visa Gold, Visa Business, Visa Vision, Visa Digital, Visa Classic; Mastercard Gold, Mastercard Standard, Mastercard World Digital; UnionPay Gold, UnionPay Business Platinum; ArCa Classic; and various gift cards including Evoca Gift Card and co-branded retailer cards.
• Evoca Travel Card Specialized travel-focused payment card offering benefits for international travelers with international recognition within one year of launch.
• Deposits Deposit products including Classical Deposit (AMD 4.0-10.5% APY, USD 0.5-4.85% APY, EUR 0.25-2.78% APY), Evoca Online Deposit with higher rates via mobile app, and Children's deposit, with terms from 31 days to 5 years and flexible interest payment options.
• Bank Accounts Current accounts, unallocated metal accounts for precious metals, remote service for non-resident clients, and specialized accounts including escrow accounts, developer accounts, and bankruptcy accounts.
• Money Transfers Domestic and international money transfer services including SWIFT transfers (SWIFT code: PRML AM 22), card-to-card transfers, and connections to various payment systems.
• V-POS Terminal Virtual point-of-sale terminal enabling merchants to accept card payments online or through mobile devices, complementing physical POS terminals.
• POS Terminal Physical point-of-sale terminals for merchant acquiring, with mobile POS (mPOS) option available for flexible payment acceptance.
• Safe Deposit Boxes Individual safe deposit boxes in three sizes (small, medium, large) with 24/7 surveillance, fireproof protection, and rental terms from 14 days to long-term contracts. Residents: AMD 30,000-50,000/year; non-residents: AMD 100,000-150,000/year.
• EvocaSALARY Payroll Project Payroll project service enabling employers to pay employee salaries through Evocabank-issued cards with associated benefits and overdraft facilities.
• EvocaINVEST Investment Services Investment platform for stock market services, bonds, CDA (custody/depository) services, and repo/reverse repo transactions for both individual and business customers.
• Evoca Leasing Leasing services for vehicles and equipment offered to business clients.
• Trade Finance Services Trade finance services including guarantees, letters of credit, documentary collections, and factoring services for business customers.
• EvocaPOWER Solar Loans Specialized 0% rate solar panel acquisition loans up to AMD 5M with terms up to 60 months, no down payment or collateral required, supporting renewable energy adoption.
• EvocaHOME Renovation Loans Specialized home renovation loan product enabling homeowners to finance residential property improvements.
• Action Online Loans Quick online loans up to AMD 10M available 24/7 via the EvocaTOUCH mobile app with instant loan decisions within seconds.
• Visa Vision Card Visa payment card offering cashback and positive balance features with customizable design, color, and style options.

Quantifiable outcome

• Instant loan decision for Action online loans within seconds
• +3 more outcomes

Named customers6 records

Segments5 records

Ideal customer profiles5 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration5 records

AI capability2 records

Feature5 records

Partnerships

Three partnerships are on record, tiered flagship.

• Five Other Armenian Financial InstitutionsflagshipStrategic or Co-development Partner · 27 March 2026Six Armenian financial institutions, including Evocabank, signed a syndicated loan agreement worth $300 million to finance the Firebird AI megaproject. This marked the first such financing arrangement in Armenian banking history - a landmark collaboration among multiple banks to support a large-scale AI initiative.
• MastercardflagshipGTM or Marketing Partner · 10 March 2026Evocabank and Mastercard launched a promotional offer from March 10 to April 10, 2026 providing 10% cashback on payments made with Evoca Mastercard abroad or on foreign websites/applications. Maximum cashback per customer is 20,000 AMD. The partnership also includes the Evoca Travel Card with international recognition.
• MastercardflagshipGTM or Marketing Partner · 10 February 2026Evocabank received the 'Excellence in Travel Segment Innovation' award from Mastercard in 2026 for its Evoca Travel Card, which offers various benefits to travelers. The card gained international recognition within a year of its launch.

Scale indicators7 records

Recent moves6 records

Expansion highlights6 records

Direct peers

• Ameriabank: The largest Armenian universal bank, serving retail, SME, and corporate clients with a similar product suite including digital banking, cards, mortgages, and trade finance — direct head-to-head competitor to Evocabank in the domestic market.
• Ardshinbank: One of Armenia's leading universal banks offering retail, SME, and corporate banking, payment cards, mortgages, and digital channels — competes directly with Evocabank for the same Armenian customer base.
• Converse Bank: Armenian commercial bank offering retail deposits, consumer and SME lending, cards (Visa, Mastercard), and digital banking — directly comparable in product mix and customer segments to Evocabank.
• VTB Bank Armenia: Armenian subsidiary of Russian VTB Group, providing retail and corporate banking services domestically — competes directly with Evocabank and shares exposure to ruble and regional dynamics.
• IDBank: Armenian commercial bank (formerly Ameriabank-related entity) offering retail, SME, and digital banking — direct competitor for Evocabank's customer segments and product mix in Armenia.

Broad incumbents

• HSBC Bank Armenia: Subsidiary of global HSBC, providing retail, SME, and corporate banking in Armenia with broader international capabilities — competes in the same Armenian market but operates with global backing and larger balance sheet.

Regional players

• Bank of Georgia: Largest bank in neighboring Georgia with comparable retail, SME, mortgage, and card products and a strong digital franchise — relevant regional comparable for Evocabank's digital banking strategy.
• TBC Bank: Leading Georgian bank with an extensive digital platform (TBC Bank, Space), SME lending franchise, and cross-border presence — useful comparable for Evocabank's digital-first, SME-focused strategy in a Caucasus neighbor.
• Halyk Bank: Largest universal bank in Kazakhstan offering similar deposit, lending, card, and digital products across a CIS market — comparable in scope and in serving a post-Soviet emerging economy.

Others

• Mastercard: Strategic card-network partner and award-granting body for Evocabank's Travel Card; relevant ecosystem enabler rather than a direct competitor but central to Evocabank's card issuing roadmap.

Market position

Strengths4 records

Weaknesses4 records

Competitive moat5 records

Key risks6 records

Key highlights6 records

Customer concentration

• Facebookfacebook.com/evocabank

Compliance4 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles1 record

Funding overview

Funding rounds3 records

Investors4 records

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments1 record

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Evocabank