Appway, a Swiss firm that provides software to boost digital transformation programmes for banking clients, has secured a $37 minority investment from Summit Partners.
Founded in 2003, Appway counts Credit Suisse, HSBC, JPMorgan, LGT, LPL Financial and Deutsche Bank among its client list, providing a range of tools for customer onboarding and digital customer management across a broad spectrum of financial products.
The deal with Summit Partners is the company's first external capital raise and will be used to further expand its product portfolio and drive international growth as demand picks up for personalised customer-facing technology during the Coronavirus pandemic.
“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, onboarding, risk and compliance,” says 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.”