Summit Partners invests $37m in Appway

The investment is the company's first growth capital injection from an investor, according to a statement.

The company plans to use the funding to expand in Europe, as well as to North America and the Asia-Pacific region. It also plans to invest further in the development of its software platform.

Summit Partners principal Steffan Peyer and managing director Matthias Allgaier will join the company's board.

Summit is currently deploying equity from funds including Summit Partners Europe Growth Equity Fund III, which held a final close in March 2020 on €1bn. The vehicle makes buyout and growth capital investments, deploying equity tickets of €10-500m.

Company
Founded in 2003, Appway is a software platform for financial services companies that allows users to automate business processes including identify verification, regulatory reviews and customer onboarding. Its client base includes Credit Suisse, HSBC, JP Morgan and Deutsche Bank, according to a statement.

The company is based in Zürich and has offices in London, Hong Kong, Sinapore and the US. It has 154 employees, according to LinkedIn.

People
Summit Partners – Steffan Peyer (principal); Matthias Allgaier (managing director).
Appway – Hans Peter Wolf (co-founder, CEO).

• Tweet  
• Facebook  
• LinkedIn  
• Google plus  
• Send to  

• Topics
• Expansion
• DACH
• Technology
• Switzerland
• Summit Partners