SWITCH Lands $400,000 Angel Investment

Switch_homepage_March2017

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.

Finovate Alumni News

On Finovate.com

  • 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

Switch_homepage_February2017

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.

Finovate Alumni News

On Finovate.com

  • Switch Announces Early Access to Online Card Account Management Platform.

On FinDEVr.com

  • Excited to see Softjourn at FinDEVr New York on March 21 & 22. Check out our interview with Project Manager Yuriy Kropelnytsky.
  • NYMBUS Scores with $16 Million Investment Led by Home Credit Group.

Around the web

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  • Payworks provides SIX Payment Services with mPOS solution, mCashier.
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  • Entersekt announces original equipment manufacturing agreement with transaction processing specialist, Global Kinetic.
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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.

FinovateSpring Sneak Peek: SWITCH

SWITCH_homepageApril2016

FS2016-wdateA look at the companies demoing live to 1,500+ fintech professionals on May 10 & 11. Register today.

SWITCH is a Seattle-based fintech company developing the first automated payment card and online account updater to help consumers update their cards and payment methods wherever they shop online.

Features:

  • Users can update their credit cards where they shop online.
  • Card issuers can get their cards into circulation faster.
  • Merchants can ensure the card they have on file stays current.

Why it’s great
SWITCH’s innovative technology for card updating and visibility utilizes patent-pending machine-learning technology to benefit card issuers, merchants, and consumers alike.

Switch_ChrisHopenPresenter: CEO Chris Hopen, founder
Now on his third startup, Hopen combines deep experience in networking and security technologies along with a savvy business sense to developing solutions for the fintech market.
LinkedIn

Finovate Alumni News

On Finovate.com

  • “Malauzai to Offer Geezeo-Powered PFM Tools”

On FinDEVr.com

  • “FinDEVr New York Presentation Videos Live on FinDEVr.com”

Around the web

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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.