Minneapolis-Based Fintech Company ClickSWITCH Raises $13 Million

By Annie Baker ● May 22, 2019
  • Minneapolis, Minnesota-based fintech company ClickSWITCH has raised $13 million in Series B
  • The funding will be used to accelerate ClickSWITCH’s product roadmap and increasing hiring

ClickSWITCH, a Minneapolis, Minnesota-based fintech company that automates the switch of direct deposits and recurring payments for financial institutions’ new and existing account holders, recently announced it raised $13 million in Series B funding led by Commerce Ventures and Point72 Ventures.

“Our investors’ confidence in ClickSWITCH reinforces the value of our solution within the banking industry,” said ClickSWITCH CEO Cale Johnston. “Since closing our Series A, we’ve 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.”

With this round of funding, it will further accelerate ClickSWITCH’s product roadmap, expand executive leadership, increase and headcount within software development and sales teams.

“There is a battle for banking deposits underway across FintTech innovators and incumbent financial institutions. Players across the industry are finding that ClickSWITCH is a critical utility for onboarding and activating valuable new customers,” added Dan Rosen — partner at Commerce Ventures.

Plus ClickSWITCH provides a white-label banking solution to financial institutions — which allows customers to switch direct deposits and recurring payments in just a few minutes. This solution also enables financial institutions and fintechs with the ability to fund new accounts and increase profitability of new account holders.

“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,” explained Point72 Ventures partner Tripp Shriner. “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.”