Fintech Leader ClickSWITCH Secures $13 Million in Series B Funding, Accelerating Growth
MINNEAPOLIS–(BUSINESS WIRE)–lt;a href=”https://twitter.com/hashtag/SeriesB?src=hash” target=”_blank”gt;#SeriesBlt;/agt;–ClickSWITCH,
a turn-key solution that simplifies and automates the switch of direct
deposits and recurring payments for financial institutions’ new and
existing account holders, announced today that it has raised $13 million
in Series B financing. The funding was led by Commerce Ventures and
Point72 Ventures. This round of financing will further accelerate
ClickSWITCH’s product roadmap, expand executive leadership, increase
headcount within software development and sales teams, amongst other
marketing plans for growth.
Headquartered in Minneapolis, ClickSWITCH provides a white-label banking
solution to financial institutions, allowing customers to switch direct
deposits and recurring payments in just a few minutes. The solution also
enables financial institutions and fintechs the ability to fund new
accounts and increase profitability of new account holders.
“There is a battle for banking deposits underway across FinTech
innovators and incumbent financial institutions. Players across the
industry are finding that ClickSWITCH is a critical utility for
onboarding and activating valuable new customers,” said Dan Rosen,
Partner at Commerce Ventures.
“One of the biggest pain points around opening a new bank account is
switching your direct deposit, which requires paperwork and involving
your HR department,” said Tripp Shriner, Partner, Point72 Ventures.
“ClickSWITCH has solved a true problem for consumers and financial
services providers by seamlessly enabling people to redirect their
paycheck to a new bank, improving customer economics and dramatically
reducing friction and increasing choice for customers.”
“Our investors’ confidence in ClickSWITCH reinforces the value of our
solution within the banking industry,” said Cale Johnston, CEO of
ClickSWITCH. “Since closing our Series A, we’ve gained fast momentum
with our client base, prospects, and emerging fintechs looking to
capture PFI status with their account holders. We remain focused on
providing the best automated account switching solution available in the
market for financial institutions and fintechs. We are eager to continue
working with Commerce Ventures, Point72 Ventures and our other
tremendous investors to further the growth of our customer base and
expand our service offerings.”
About ClickSWITCH
ClickSWITCH is a unique account holder acquisition technology for
financial institutions that simplifies the process of bringing new
account holders onboard by quickly, safely and efficiently switching
recurring payments from old accounts to new ones. Based in Minneapolis,
MN, the company’s industry-leading solutions help clients increase
account holder acquisition and activation rates, engage throughout
onboarding, and cross-sell products to capture full profit potential.
ClickSWITCH is a technology leader delivering world-class solutions to
financial institutions of all sizes. For more information, visit www.ClickSWITCH.com.
About Commerce Ventures
Commerce Ventures is a leading venture firm focused on technology
innovations in the FinTech and Commerce ecosystem. Thus far, the firm
has invested in fifty portfolio companies, including leading FinTech and
retail technology startups such as Bill.com, Bloom, Forter, InAuth,
Kasisto, Marqeta, MX, Narvar, RetailNext, SessionM, Snapsheet, Socure,
Theatro, and Tulip Retail. For more information, visit www.commercevc.com.
About Point72 Ventures
Point72 Ventures is a global venture capital firm led by a diverse set
of domain experts with the capital to lead rounds through all stages of
company growth. The firm invests primarily in Fintech, AI/ML, and
Enterprise technologies. As an independent arm of Point72, the global
asset management firm led by Steven A. Cohen, Point72 Ventures offers
well informed insights into the global economy. Point72 Ventures has
offices in New York City, Palo Alto, San Francisco, and Stamford,
Connecticut. p72.vc
Contacts
Ashley D’Alessandro
ClickSWITCH, LLC
612-424-5350 x 1005
adalessandro@clickswitch.com