Market Overview

Minnesota FinTech Company ClickSWITCH Raises $3.5M in Series A Financing

Share:

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."

About ClickSWITCH
ClickSWITCH
is a unique account holder acquisition technology for financial
institutions that simplifies the process of bringing new account holders
onboard by quickly, safely and efficiently switching their recurring
payments from their old accounts to new ones. Based in Minneapolis, MN,
the company's industry-leading solutions help clients to increase
account holder acquisition and activation rates, engage during
onboarding, and cross-sell products to capture full profit potential.
ClickSWITCH is a technology leader delivering world-class solutions to
financial institutions of all sizes. To learn more, visit www.ClickSWITCH.com.

About Commerce Ventures
Commerce
Ventures is a leading venture firm focused on technology innovations in
the FinTech and Commerce ecosystem. Thus far, the firm has invested in
fifty portfolio companies, including leading FinTech and retail
technology startups such as Bill.com, Blooom, Forter, InAuth, Kasisto,
Marqeta, MX, Narvar, RetailNext, SessionM, Snapsheet, Socure, Theatro,
and Tulip Retail. For more information, visit www.commercevc.com.

View Comments and Join the Discussion!