Software firm Appway has received $37m in minority investment from equity firm Summit Partners.

This is Appway’s first external capital raise and will be utilised to further expand its product portfolio and accelerate international growth. In addition, the firm hopes to maintain its “entrepreneurial spirit” that has driven it since 2003.

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Appway will use the funding for expansion in core markets around hte globe, including Europe, APAC and focusing on North America. Furthermore, it will invest in its software, leverage cloud economics and flexibility to support real-time innovation for its customers and partners.

Hans Peter Wolf, Appway CEO and founder, said: “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.

“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,” added Steffan Peyer, a Principal at Summit Partners who will join the Appway Board of Directors.

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“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 revolutionise the customer experience and drive digital transformation across organisations,” continued 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.”