Appway, a Swiss software that helps financial institutions onboard and manage customers, has secured $37 million from Summit Partners to fuel global expansion, especially in North America. This marks the company’s first external fundraise since its founding in 2003.
Headquartered in Zurich with eight international offices, Appway aids the digital transformation of the financial services sector through a combination of technology, implementation and consulting. Business customers can build flexible, scalable apps that suit their own onboarding flows and customer touchpoints, while still complying with shifting data regulations.
“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. “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.”
In a press release the Swiss company claims ten out of 25 of the largest wealth managers in the world use its software suite, including HSBC, J.P. Morgan, and Deutsche Bank. The new investment will help develop its product offering and strengthen the business in its key markets: Europe, APAC, and North America.