Switch Granted $2 Million in Funding

Credit card information management platform SWITCH announced its largest round of funding to-date. The Seattle-based company just closed a $2 million investment, bringing its total funds to more than $2.3 million.

Founded in 2013, SWITCH enables cardholders to automatically update their card-on-file information across multiple accounts. This comes in handy for consumers replacing the 700 million U.S. credit and debit cards that are lost, stolen, or reissued each year.

SWITCH’s technology is embedded into its CardSavr API which it launched in February of this year. The CardSavr API allows card issuers to place new cards into circulation immediately after they are issued instead of waiting for a new one to arrive by mail. SWITCH enhanced the technology earlier this year by integrating voice technology, enabling customers to update card information and add a new card to their account simply by using voice commands.

SWITCH also offers TopWallet (pictured right), a card issuer-branded app that allows cardholders to manage all of their payments and passwords in one place. TopWallet is currently being offered in beta.

“Switch is a win-win-win for card issuers, cardholders and merchants/billers,” said Switch CEO Chris Hopen, who demoed SWITCH’s platform at FinovateSpring 2016. “Merchants and billers want… cards on file in order to operate and provide friction-free purchasing for customers. Top financial institutions gain valuable insight and higher transaction volume by helping their customers with the burden of managing payments online.”

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Switch Brings Voice Technology to its CardSavr API

Switch CEO Chris Hopen announced today that the company’s CardSavr API will leverage natural language processing to accelerate the process of managing cards on file and getting new and renewed cards provisioned with merchants. The technology will enable cardholders to use their voice to make commands to update autopay information, add a new card to an online account, and more.

“Switch has been preparing for the convergence of voice and fintech and brings an exclusive approach with our CardSavr API that can advance the evolution of voice technology and fintech,” Switch Co-Founder and CEO Chris Hopen explained. He pointed to the growing use of natural language technology to manage online payments and conduct other financial activities, and highlighted how easy it was for financial institutions to add these technologies to their solutions. “The CardSavr API can be implemented immediately into banking apps, website, and other financial technology platforms, without changing the inherent environment,” Hopen said.

Switch’s announcement came as part of a panel discussion on fintech and voice technologies at the VOICE Summit in New Jersey.

Tailor-made for a world in which the average consumer carries more than three credit cards and an ever-growing volume of commerce is taking place online via credit card, Switch’s CardSavr API empowers card issuers to get new and re-issued cards into circulation with online merchants immediately after activation. The API builds on the company’s previous success in providing solutions for consumers to make it easier for them to manage their credit card accounts.

“Switch offers the only automation platform that can power the entire virtual ecosystem with strategic, voice-first experiences that benefit consumers,” said Weber Marketing Group CEO Mark Weber. He added that the growth of voice payments is likely to “accelerate exponentially faster than mobile payments” and would contribute to both faster profit growth for companies and less friction for consumers.

Founded in 2014 and headquartered in Seattle, Washington, Switch demonstrated its platform at FinovateSpring 2016. Last month, the company, which has raised more than $1.9 million in funding, announced that its CardSavr API could be deployed to help card issuers transition to virtual cards.

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This post will be updated throughout the day as news and developments emerge. You can also follow all the alumni news headlines on the Finovate Twitter account.

Switch Speeds Virtual Card Adoption with CardSavr API

Looking to make the leap from plastic cards to virtual cards? Switch and its CardSavr API are here to help.

“Until now, activating merchant-specific virtual cards required cardholders to laboriously create and update every merchant one-by-one,” Switch CEO Chris Hopen said. “Our CardSavr API automates and simplifies the entire user process and secures the card on file at the merchant with one step.”

Launched earlier this year, Switch’s CardSavr API is a first-of-its-kind technology that supports and enables an often-overlooked aspect of commerce: healthy credit card circulation. The CardSavr API helps card issuers get new and re-issued credit cards into circulation with thousands of ecommerce retailers soon after the cards are activated.

The application of the CardSavr API to the virtual card market is the latest evolution in use cases for the technology. From its origins as an innovative credit card updater, the company’s solution provides further assistance to card issuers looking to leverage the efficiency of virtual cards.

In the company’s press release, Switch said that its technology would help speed virtual card adoption and suggested that CardSavr “conquer(s) the elusive issue” of ensuring a seamless card creation and updating process for virtual cards in the same way it has for physical cards. The core technology behind CardSavr can also be used with reward, private label, and P2P payment schemes, creating what Hopen called “a healthy virtual payment ecosystem for everyone.”

Speaking for CULedger, a leading credit union project that is developing applications based on distributed ledger technology, CEO John Ainsworth praised Switch’s latest offering. “Switch has brought a very innovative technology solution that uniquely allows financial institutions and issuers to capitalize on virtual cards, while increasing security and convenience for our customers.” He added, “Switch continues to impress me with their disruptive and successful approach to vanquishing major foundational industry challenges that have never been solved.”

Switch demonstrated its credit card updating technology at FinovateSpring 2016. Founded in 2014 and headquartered in Seattle, Washington, the company has raised $1.9 million in funding after picking up a $400,000 angel investment last spring.

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This post will be updated throughout the day as news and developments emerge. You can also follow all the alumni news headlines on the Finovate Twitter account.

Switch Launches Cardsavr API To Get Cards Into Circulation Faster

Healthy credit card circulation is an underestimated aspect of what makes e-commerce work. In a world in which the average consumer carries more than three credit cards and a growing number of consumers are using those cards to shop online, it is critical that the infrastructure that delivers these cards works as seamlessly as possible – as well as for the benefit of all participants in the process.

This is what makes the new technology from Switch so compelling. The Seattle-based company unveiled Cardsavr today, the first API of its kind to give card issuers the ability to get new and re-issued cards into circulation with thousands of online merchants immediately after activation.

“Until Cardsavr, banks and merchants were held hostage by archaic credit card networks’ issuing and replacement processes and the inability alone to digitally help their cardholders manage online payments,” Switch CEO Chris Hopen explained. “This is the first time an API provides all card brands with direct control over a large source of potential and/or lost revenue.”

Switch made its name as a platform that enables consumers to easily manage their credit card accounts. With Cardsavr, the company is leveraging its core platform to help issuers and merchants increase or recapture revenues lost through the current, inefficient process.

“Our platform increases both their bottom line around credit card circulation issues and enhances cardholders’ online purchasing experiences. All parties of the e-commerce ecosystem benefit,” Hopen said. He added that Cardsavr API currently supports thousands of e-commerce sites and leverages machine learning to add more merchants daily. This enables faster card updates, Hopen explained, which was a feature merchant issuers especially liked because of the way getting cards into circulation drives outside spend, as well.

A standard REST API with support for basic CRUD (“create, read, update, and delete”) operations for cards on-file, the Cardsavr API makes it easy for card issuers to integrate Switch’s technology into their online and mobile banking apps. Mark Morrison, President and CEO of MountainCrest Credit Union and a member of the focus group that explored the Switch app, underscored this point in the statement accompanying the Cardsavr launch. “The Switch application is extremely easy to use and provides a much faster way to pay and shop at card-on-file sites,” Morrison said.

Founded in 2014 and with $1.6 million in funding, Switch demonstrated its platform at FinovateSpring 2016. The company anticipates naming a “significant list” of partners for its new Cardsavr API soon.

SWITCH Lands $400,000 Angel Investment


SWITCH, a Seattle-based startup that makes it easy to manage your online payment information, has raised $400,000 in funding from angel investors. The company, which made its Finovate debut at FinovateSpring last year, now boasts $1.9 million in total capital.

Chris Hopen, SWITCH co-founder and CEO, called his technology the “first of its kind, credit card updater for online accounts.” SWITCH makes it easy for card holders to update their payment methods at online merchants and e-commerce sites, as well as for subscriptions and recurring repayments like cable and utility bills. It also helps card issuers get new and replacement cards to cardholders faster, and provides issuers with analytics and data on card usage to better understand their competition. Hopen highlighted the benefit this analytics component provided for issuers, saying “If I’m in 10,000 wallets, I want to know who my top five competitors are in those wallets, so I can do something about increasing my profile and getting more sites using my card.”

SWITCH was founded in 2014 by Chris Hopen and David Pool. The company demonstrated its technology at FinovateSpring 2016, and has 10 employees. SWITCH opened early access to its free, credit card updating service in February.

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  • SWITCH Lands $400,000 Angel Investment.

On FinDEVr.com

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This post will be updated throughout the day as news and developments emerge. You can also follow all the alumni news headlines on the Finovate Twitter account.

Switch Announces Early Access to Online Card Account Management Platform


Seattle-area startup Switch announced today that it is providing “early access” to its free payment management service. By enabling cardholders to manage all of their accounts from one dashboard, the company says its technology is making e-commerce “faster, safer, and easier.”

Switch enables shoppers to easily match payment options with specific online merchants, subscriptions, and payments, as well as automating both the checkout and card updating processes. CEO Chris Hopen called the technology “the first ever consumer payment solution that automates both the challenge of secure account access and the ‘card on file’ problems users face every day.” In a statement, the company cited the average 3.7 credit cards carried by the average American (according to a study by CreditCards.com) and the growing number of payment options from ApplePay and Visa Checkout as reasons why technologies like Switch are a valuable for consumers.

Another value comes when cards have to be replaced due to loss, data breach, or other issue. “How many people have ever had to replace a credit card?” Hopen asked from the Finovate stage during his company’s live demo last spring. “Was it fun?” He added, “(Switch) is about reducing the negative impact of card replacement on end users, and getting cards into circulation as quickly as possible to end users.” For card issuers, the platform includes a set of analytic reports that leverages data on card usage from throughout the entire Switch user base.

Founded in 2014 and headquartered in Seattle, Washington, Switch demonstrated its technology at FinovateSpring 2016. The company has raised more than $1 million in funding and has more than 10 employees. Find out more about the app, including how to be among the first to try Switch.