The unlisted firm, which is now 10 years old, has over 175,000 users.

The process known as on-boarding relates to how clients are brought into an institution. The wealth management industry is turning to more technologically-driven ways of bringing a client on board, as compliance costs – such as know-your-client checks and anti-money laundering tests – become more onerous.

“The costs and efforts required on the parts of banks to understand the impact of compliance regulations, and implement organizational change, often occupies a vast amount of valuable resources,” Hanspeter Wolf, Appway chief executive, said in a statement on the past year.  

Appway opened offices in Hong Kong, Singapore, Geneva and Ticino over the past 12 months.