Appway raises $37 million in equity funding from Summit Partners
Customer lifecycle and interaction platform Appway has raised $37 million in equity funding from Summit Partners.
The funding is Appway’s first external capital raise and will be used to help the company to “further expand its product portfolio and accelerate international growth.”
It 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.
Appway provides software designed to support the digital transformation across the financial services industry. It claims that ten of the 25 largest wealth managers in the world use its systems.
“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,” says 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.”
The firm says that it will also continue to invest in its software, leveraging “cloud economics and flexibility” to support “real-time innovation” for its customers and partners.
Steffan Peyer, a principal at Summit Partners and incoming Appway board member, adds: “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.
“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.”