Appway, a provider of business process automation software focused on customer onboarding and customer lifecycle management for financial institutions, announced a $37 million minority investment from growth equity firm Summit Partners.
Appway plans to use the new funds to further expand its product portfolio and accelerate international growth. Additionally, the company will continue to invest in its software, leveraging cloud economics and flexibility to support real-time innovation for its customers and partners.
Appway software is designed to support the digital transformation of customer-focused organizations across the financial services industry. The software helps businesses automate and adapt complex customer-centric workflows across touchpoints and channels by assembling and configuring reusable components.
In a high-touch industry where customer service is a key competitive differentiator, Appway’s customers have reduced their client onboarding time by 90% and have driven meaningful and measurable uplift in customer lifetime value across the full client spectrum, from individual accounts to households and complex business structures.
The company’s clients include Credit Suisse, HSBC, J.P. Morgan, LGT, LPL Financial, and Deutsche Bank.
“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. “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.”
As part of the investment, Steffan Peyer will join the Appway board of directors.
Image Credit; Appway