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The company, co-founded in 2003 by Hans Peter Wolf and Oliver Brupbacher, focuses on software for financial institutions, helping them digitize and automate the onboarding of new clients and management of their customer lifecycle.
As part of the investment, Dr. Matthias Allgaier, managing director at Summit Partners, will join Appway’s board of directors.
“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,” Allgaier said in a written statement.
Appway, which already has eight offices around the world, said in a written statement that it will use some of the funding to continue its international growth in Europe, the Asia Pacific region and North America. It will also invest in software development.
Over the past 17 years, the company has acquired 10 out of 25 of the largest wealth managers in the world as clients, including Credit Suisse, HSBC, JP Morgan, LGT, LPL Financial and Deutsche Bank, it said.