Our Series B and the Future of ClickSWITCH

ClickSWITCH Raised $13M.jpg

Today is an exciting day for us! We are thrilled to announce $13 million of Series B funding led by Commerce Ventures and Point72 Ventures. This latest investment brings our total funding to date to $17.1 million since our launch.

“Since closing our Series A, we have gained fast momentum with our client base, prospects, and emerging fintechs looking to capture PFI status with their account holders. We remain focused on providing the best automated account switching solution available in the market for financial institutions and fintechs. We are eager to continue working with Commerce Ventures, Point72 Ventures, and our other tremendous investors to further the growth of our customer base and expand our service offerings.”
— Cale Johnston, Founder & CEO of ClickSWITCH
 

Making switching financial institutions easier

ClickSWITCH was created in 2014, with the mission to automate the process of switching direct deposits and automatic payments. At the time, moving accounts to a new financial institution was a hassle for consumers. The manual process required research, filling out forms, printing and mailing paperwork.

ClickSWITCH solved this problem, by creating an automated solution that makes switching direct deposits and recurring payments a quick and easy process that takes just a few minutes to switch accounts. Account holders simply log into the white-label ClickSWITCH portal, where they can switch their direct deposits and automatic payments from their former financial institution to a new financial institution using a mobile device, personal computer or by visiting a branch. The process is automated, intuitive and takes just a few minutes to initiate the switch. ClickSWITCH will even provide status updates along the way. When account holders’ complete the process, the solution can even initiate the closure of their legacy accounts at their former financial institution. Account information is transferred quickly, paving the way for a smooth and speedy transition. It’s automated, faster and easier than ever before.

Launch of the API

In addition to providing our stand-alone product to our financial institution clients, we’ve recently launched an API (Application Program Interface) to accommodate fintechs that want to capture direct deposits and financial institutions that want to build a custom experience. The API enables systems to connect to ClickSWITCH to switch the direct deposits and recurring payments of customers. The ClickSWITCH API allows companies to design their own custom front-end experience, speeds account holder enrollment, and enables them to modify the account switching experience to fit their needs. Our complete API documentation is available for technical staff that outlines the components of the API and how it works.

Formation of our Advisory Board

We’ve also created an advisory board of highly respected industry veterans, including:

Jeff Greiner, Managing Partner, Northern Pacific Group

Pete Kight, Entrepreneur, Founder and former CEO of CheckFree Corp.

Jeremy Kuiper, Financial Services Executive and industry expert

Jeff Sippel, Chief Strategy Officer, Acorns

What’s next for ClickSWITCH

We’re more committed than ever to providing the best switching solution available. So, how will we continue to build in the future?

First, we are passionate about making ClickSWITCH the best that it can be and we are focused on ensuring that our product road map anticipates and fulfills the needs of our clients. With our continued innovation, we will focus on creating more robust infrastructure improvements, rapid scalability, enhancing the consumer experience, and further developing tight integrations.

We are excited to use our new funding to hire more employees! We will focus on hiring additional key positions within our software development, sales and fulfillment teams. We also plan to hire a new key executive to our leadership team. Keep an eye out for new open positions on our Careers page!

We’ve come a long way since launching ClickSWITCH almost five years ago, and we thank our customers for their enthusiasm, our investors for their support, and our team for their incredible dedication. We will work hard to continue to make ClickSWITCH the preferred choice when it comes to switching financial institutions and onboarding financial customers. We look forward to what the future brings!

“There is a battle for banking deposits underway across FinTech innovators and incumbent financial institutions. Players across the industry are finding that ClickSWITCH is a critical utility for onboarding and activating valuable new customers”
— Dan Rosen, Partner at Commerce Ventures.
 
“One of the biggest pain points around opening a new bank account is switching your direct deposit, which requires paperwork and involving your HR department. ClickSWITCH has solved a true problem for consumers and financial services providers by seamlessly enabling people to redirect their paycheck to a new bank, improving customer economics and dramatically reducing friction and increasing choice for customers.”
— Tripp Shriner, Partner, Point72 Ventures.