Sova Capital selects Appway for onboarding and KYC solutions
London-based investment broker Sova Capital has partnered with software company Appway to boost its digital onboarding and know your customer (KYC) processes.
Appway raised $37 million in equity funding last year
Sova will utilise Appway’s Onboarding for Wealth and KYC and Regulatory Review solutions as it looks to streamline its client onboarding experience while ensuring full compliance across jurisdictions.
Sova is an FCA authorised and regulated brokerage and offers investment services including independent research, securities trading and public capital markets financing to institutional and corporate clients.
The firm says its clients are often “highly complex legal entities that require complicated, multifaceted onboarding and KYC processes”.
It hopes the collaboration with Appway will provide an “optimal experience while reducing operational burdens”, as well as providing the flexibility to adjust to shifting regulatory requirements and manage risk.
Founded in 2003, Appway provides cloud-based customer lifecycle and interaction software designed to support digital transformation across the financial services industry.
It claims its tech can offer a 90% reduction in onboarding time, a 10% increase in margin per client and a 225% ROI.
The company raised $37 million in equity funding from Summit Partners last year to expand its product portfolio and accelerate international growth.
