MINNEAPOLIS, MN, Solution that simplifies the switch of recurring payments and deposits, completed $3.5 million in Series A venture.
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ClickSWITCH, a turnkey solution that simplifies the switch of recurring payments and deposits for a financial institution's new and existing account holders, completed $3.5 million in Series A venture.
"As focused investors in financial services enablement platforms, we see a large and growing opportunity to make the digital financial account opening process more efficient"
The investment round was led by Commerce Ventures, a leading early-stage, FinTech-focused firm, Betsy Cohen, founder of The Bancorp, Inc., Daniel Cohen, Chairman of The Bancorp, Inc. and Pete Kight, founder and former CEO of CheckFree Corp. Several Minneapolis-based investors also participated in the round.
ClickSWITCH is the only automated account switching solution in the U.S. market. Launched in 2014, the company has achieved impressive success as a bootstrapped venture with only a small pool of private investors. ClickSWITCH has consistently grown revenue more than 100% annually and has signed over 350 financial institutions onto the platform. The company also holds three patents for the technology. ClickSWITCH plans to use the funds for product development, growth acceleration and hiring of key positions.
"We are excited to welcome these new well-respected investors to ClickSWITCH. This financing led by FinTech pioneers is validation of our value in the marketplace," said Cale Johnston, Founder and CEO of ClickSWITCH. "We are ready to fuel expansion. These strategic investors will provide ClickSWITCH with guidance and expertise as the company moves into this new stage of growth."
"As focused investors in financial services enablement platforms, we see a large and growing opportunity to make the digital financial account opening process more efficient," said Dan Rosen, Partner at Commerce Ventures. "ClickSWITCH is delivering a critical solution to help convert new account holders into profitable, long-term customers."
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 their recurring payments from their old accounts to new ones. Based in Minneapolis, MN, the company's industry-leading solutions help clients to increase account holder acquisition and activation rates, engage during 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. To learn more, 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, Blooom, Forter, InAuth, Kasisto, Marqeta, MX, Narvar, RetailNext, SessionM, Snapsheet, Socure, Theatro, and Tulip Retail. For more information, visit www.commercevc.com.