Via News Release
“MINNEAPOLIS, MINN. (August 8, 2018) 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.
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”.