ClickSwitch, a Minneapolis, MN-based provider of an automated account switching solution, completed $3.5 million in Series A funding.
The round was led by Commerce Ventures, Betsy Cohen, founder of The Bancorp, Inc., Daniel Cohen, Chairman of The Bancorp, Inc. and Pete Kight, founder and former CEO of CheckFree Corp, with participation from several Minneapolis-based investors.
The company intends to use the funds for product development, growth acceleration and hiring of key positions.
Launched in 2014 and led by Cale Johnston, Founder and CEO, ClickSwitch provides a solution that simplifies the switch of recurring payments and deposits for a financial institution’s new and existing account holders.
The company, which holds three patents for the technology, has signed over 350 financial institutions onto the platform to date.