- Digital Onboarding announced a $58 million growth round, boosting its total funding to $62.6 million.
- Today’s funds come from Boston-based private equity firm Volition Capital.
- Digital Onboarding will use today’s investment to accelerate its product roadmap, improve support for existing customers, drive awareness in new markets, and increase its headcount.
Digital Onboarding, a financial services onboarding service provider, announced a $58 million growth investment today. The funds come from Boston-based private equity firm Volition Capital and boost Digital Onboarding’s total funding to $62.6 million.
Digital Onboarding will use today’s investment to accelerate its product roadmap, improve support for existing customers, and drive awareness in new markets. The company also notes it plans to double its headcount by the end of this year.
Digital Onboarding offers a SaaS tool to help banks remove friction during the onboarding process. The company’s digital engagement platform helps financial services companies deliver compelling services that keep customers around for the long-term. The company is especially effective in helping motivate accountholders to take action because it aggregates data across banks with similar business objectives.
“Banks and credit unions are pushing further into digital maturity, with many providing online banking and developing robust campaigns for customer acquisition. However, digital transformation often stalls at the onboarding stage of the new customer or member lifecycle,” said Digital Onboarding CEO Ted Brown. “Financial institutions have a significant opportunity to make enrolling in and setting up deposit, payment, and other services simple and seamless. Making these as accessible and easy to complete as possible has a measurable positive impact on customer retention and loyalty.”
Brown founded Digital Onboarding, originally known as SalesBrief, in 2015, along with his co-founder Jonathan Crossman. The company pivoted to the financial services realm in 2017 after participating in a credit union’s fintech accelerator.
Last November, East Cambridge Savings Bank selected Digital Onboarding to increase its checking account activation rates, and Buckeye State CU tapped the Boston-based company to better inform its members and cross-sell product offers. Earlier in 2023, Digital Onboarding also signed Jack Henry, Legacy CU, and others.
Today’s announcement is part of a wave of fintech funding that has surged in the past couple of weeks.