ClickSwitch, a Minneapolis, MN-based provider of a solution that simplifies and automates the switch of direct deposits and recurring payments for financial institutions’ new and existing account holders, raised $13m in Series B financing.
The round was led by Commerce Ventures and Point72 Ventures.
The company intends to use the funds to:
– accelerate product roadmap,
– expand executive leadership,
– increase headcount within software development and sales teams, and
– conduct marketing plans for growth.
Led by Cale Johnston, CEO, ClickSwitch provides a white-label banking solution to financial institutions, allowing customers to switch direct deposits and recurring payments in a few minutes. The solution also enables financial institutions and fintech companies to fund new accounts and increase profitability of new account holders.