Appway Raises $37 Million
Appway has received a $37 million minority investment from global growth equity firm Summit Partners. This is Appway's first external capital raise and will help the company to further expand its product portfolio and accelerate international growth.
Founded in 2003 and headquartered in Switzerland, Appway provides business process automation software. Ten of the largest wealth managers in the world use the company's software suite to aid the digitisation, automation and acceleration of core business processes, such as the onboarding of new clients, managing changing client circumstances and regulatory reviews. Credit Suisse, HSBC, J.P. Morgan, LGT, LPL Financial and Deutsche Bank, use Appway to improve customer experience and boost internal efficiencies while helping to maintain compliance with complex industry regulations.
"Since its very first day, the Appway team has been driven by our mission to connect people, systems and data to automate workflows across teams and touchpoints," said Hans Peter Wolf, Appway's founder and CEO. "We look forward to leveraging Summit's extensive experience scaling global software businesses in the financial services industry....."
"Over the past decade, financial institutions have had to adapt core business processes to comply with increasingly rigorous regulations and oversight related to customer identity verification (e.g., KYC), onboarding, risk and compliance," said Steffan Peyer, a Principal at Summit Partners. "We believe that Appway has developed a versatile and scalable platform, helping its customers to onboard clients faster, automate regulatory compliance processes and reduce costs."