- Business process automation company Appway announced that it has raised a $37 million minority investment from Summit Partners
Business process automation company Appway announced that it has raised a $37 million minority investment from Summit Partners. This partnership represents Appway’s first external capital raise and it will help the company further expand its product portfolio and accelerate international growth.
Based out of Switzerland with eight offices around the globe, Appway provides software designed for supporting the digital transformation of customer-focused organizations across the financial services industry. Ten out of twenty-five of the largest wealth managers in the world trust the company’s software suite for aiding the digitization, automation and acceleration of core business processes like the onboarding of new clients, managing changing client circumstances, and regulatory reviews.
And industry-leading institutions, including Credit Suisse, HSBC, J.P. Morgan, LGT, LPL Financial, and Deutsche Bank depend on Appway to improve customer experience and boost internal efficiencies while helping maintain compliance with complex industry regulations. Utilizing an extensive community of consulting, implementation, and technology partners, Appway gives access to a comprehensive ecosystem to support the digitization of organizations around the world.
Appway will utilize the new funding to support expansion initiatives in core markets around the world, including Europe, the APAC region, and North America. And Appway will continue to invest in its software, leverage cloud economics, and flexibility for supporting real-time innovation for its customers and partners.
Appway was designed for helping customers create business applications in a scalable and flexible way. And by assembling and configuring reusable components, Appway helps businesses to automate and adapt complex customer-centric workflows across touchpoints and channels.
Plus Appway’s customers have reduced their client onboarding time by 90% and have driven meaningful and measurable uplift in customer lifetime value across the full client spectrum ranging from individual accounts to households and complex business structures.
Key Quotes:
“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. We look forward to leveraging Summit’s extensive experience scaling global software businesses in the financial services industry to expand our vision of ’Connecting the Disconnected’ and help more institutions embrace their digital future.”
– Hans Peter Wolf, Appway founder and CEO
“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. 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.”
– Steffan Peyer, a Principal at Summit Partners who will join the Appway Board of Directors
“Unlike general-purpose low-code development platforms, Appway seeks to address core pain points in the financial services industry by automating the flow of work to revolutionize the customer experience and drive digital transformation across organizations. We believe the company has delivered impressive, consistent capital-efficient growth, and we are thrilled to partner with Hans Peter Wolf, his co-founder Oliver Brupbacher and the entire Appway team.”
– Dr. Matthias Allgaier, a Managing Director at Summit Partners who will also join the Appway Board of Directors
