Appway Announces $37 Million Investment from Summit Partners to Fuel Global Expansion
- 02.06.2020 09:32 am
Appway, a leading global provider of business process automation software focused on customer onboarding and customer lifecycle management for financial institutions, today announced a $37 million minority investment from global growth equity firm Summit Partners. This partnership represents Appway’s first external capital raise and will help the company to further expand its product portfolio and accelerate international growth while maintaining the entrepreneurial spirit that has driven the company’s continuous advancement since 2003.
Headquartered in Switzerland with eight offices around the globe, Appway provides software designed to support the digital transformation of customer-focused organizations across the financial services industry. Ten out of 25 of the largest wealth managers in the world trust the company’s award-winning software suite to aid the digitization, automation and acceleration of core business processes, such as the onboarding of new clients, managing changing client circumstances and regulatory reviews. Industry-leading institutions, including Credit Suisse, HSBC, J.P. Morgan, LGT, LPL Financial and Deutsche Bank, rely on Appway to improve customer experience and boost internal efficiencies while helping to maintain compliance with complex industry regulations. Leveraging 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 use this new funding to support expansion initiatives in core markets around the world, including Europe, the APAC region and focusing on North America. Additionally, Appway will continue to invest in its software, leveraging cloud economics and flexibility to support real-time innovation for its customers and partners.
“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 to expand our vision of ’Connecting the Disconnected’ and help more institutions embrace their digital future.”
Appway is designed to help customers create business applications in a scalable and flexible way. By assembling and configuring reusable components, Appway helps businesses to automate and adapt complex customer-centric workflows across touchpoints and channels. In a high-touch industry where customer service is a key competitive differentiator, 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, from individual accounts to households and complex business structures.
“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 who will join the Appway Board of Directors. “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.”
“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,” added Dr. Matthias Allgaier, a Managing Director at Summit Partners who will also join the Appway Board of Directors. “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.”