From: FinTech Global
Switzerland-headquartered Appway, which builds business process automation software, has closed a $37m minority investment from private equity firm Summit Partners.
This investment marks Appway’s external capital raise and will help it to expand its product suite and bolster its international growth efforts.
The company is hoping to further its reach in Europe, APAC and North Ameica. Funds will also be used to leverage cloud economics and boost real-time innovation for customers.
Appway helps the financial services industry to improve its digitalisation and build customer-focused solutions. Its software improves digitalisation, automation and acceleration of onboarding of new clients, managing changing client circumstances and regulatory reviews.
Appway claims to have helped clients reduce onboarding time by 90%.
Summit PartnerS principal Steffan Peyer said, “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.”
In conjunction with the deal, Peyer has joined the Appway board of directors, alongside Summit Partners managing director Matthias Allgaier.
Summit Partners managing director Matthias Allgaier said, “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.”
The company was listed in the WealthTech100 report for 2020, outlining the companies wealth and asset managers need to know about.
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