Swiss startup Appway is a global leader providing business process automation software with a focus on customer onboarding and customer lifecycle management for financial institutions. The company recently announced that it secured $37 million (nearly €33 million) investment from global growth equity firm Summit Partners, which represented the startup’s first-ever external capital raise so far.
Keen on expansion in global markets
Appway will use this investment to expand its product portfolio. Also, it will accelerate international growth while maintaining the entrepreneurial spirit that drives the company’s advancement since its debut. Already, the startup has eight offices across the world with its headquarters in Switzerland. The startup has announced that it will use the funding to support its global expansion initiatives in core markets such as Europe, the APAC region and North America. It will invest in its software, leverage cloud economies and flexibility to support customers and partners in real-time.
What does Appway do?
Appway is involved in providing software that is designed to support the digital transformation of customer-focused organisations across the financial services industry. The company’s award-winning software suite is used by ten out of 25 of the largest wealth managers in the world as it aids the digitisation, automation, and acceleration of core business processes including managing changing client circumstances, onboarding of new clients, and regulatory reviews. The Zurich-based startup provides access to a comprehensive ecosystem to support the digitisation of organisations all over the world.
The company’s business process automation software is used by industry-leading institutions including Credit Suisse, J.P. Morgan, HSBC, LGT, Deutsche Bank, and LPL Financial. These companies rely on Appway’s software to improve customer experience, boost internal efficiencies and help maintain compliance with complex industry regulations.
Appway helps businesses automate and adapt complex customer-centric workflows across channels and touchpoints. In the current scenario where customer service is a key competitive differentiator, Appway lets its customers reduce their client onboarding by 90% and have driven measurable and meaningful uplift in customer lifetime.
“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.”
“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.”
Main image picture credits: Appway
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