The Series B was led by Commerce Ventures and Points72 Ventures, and will help the company accelerate its product roadmap, add to its executive leadership ranks – as well as to its sales and development teams – and contribute toward the firm’s overall growth.
ClickSWITCH CEO Cale Johnston underscored the momentum the company has experienced with clients and prospects since closing its previous, Series A round. “We remain focused on providing the best automated account switching solution available in the market for financial institutions and fintechs,” Johnston said. “We are eager to continue working with Commerce Ventures, Points72 Ventures, and our other tremendous investors to further growth of our customer base and expand our service offerings.”
Founded in 2014, ClickSwitch offers financial institutions a white-label technology that enables customers to easily and quickly switch their direct deposits and recurring payments when opening new accounts. In addition to improving the process for banking customers, the solution makes it easier for FIs to onboard new customers by making new account funding a faster process.
Commerce Ventures Partner Dan Rosen referred to the landscape as a “battle for banking deposits” between banks and fintechs. “ClickSWITCH is a critical utility for onboarding and activating valuable new customers,” he said. Point72 Venture’s Tripp Shriner added that changing direct deposits was one of the “biggest pain points” for banking consumers when it comes to opening a new account. ClickSWITCH, per Shriner, “dramatically reduce(s) friction … increasing choice for customers.”
This latest round of funding puts ClickSWITCH’s total capital at $17.1 million. Earlier this year, the company announced a partnership that would bring its account switching solution to Virginia’s Old Point National Bank. ClickSWITCH demonstrated its technology at FinovateSpring in May. Video of the company’s live demonstration will be available soon.
A look at the companies demoing live at FinovateSpring on May 8 through 10, 2019 in San Francisco, California. Register today and save your spot.
ClickSWITCH is an account acquisition technology for financial institutions and fintechs that automates the process of switching direct deposits and automatic payments.
Automated switch solution for direct deposits and automatic payments
Ability to drive deposits and increase primary account holders
API capability enables you to build and design your own user interface
Why it’s great There’s a war for deposits in financial services. FIs are fighting to be the primary financial provider for their customers. ClickSWITCH can solve these problems by driving deposits and increasing efficiency.
Cale Johnston, Founder & CEO Johnston is an entrepreneur who believes banking should be easy. He oversees global business strategy with a focus on innovation, growth, and investor and customer relations. LinkedIn
Adam Pearl, Regional Vice President of Sales Pearl is an experienced, results-driven sales leader specializing in bank technology. He is working out of Chicago with a focus on relationship management and national customer growth. LinkedIn