- Digital Onboarding — a SaaS technology company that provides a fully automated customer and member engagement platform — announced that it has closed a Series A funding round
Digital Onboarding — a SaaS technology company that provides a fully automated customer and member engagement platform — announced that it has closed a Series A funding round. This round of funding included investments from Detroit Venture Partners and other institutional and individual investors.
And in connection with the funding round, FINTOP Capital partner and one of the founding team members of S1 Corporation John Philpott and Jack Henry & Associates senior managing director Shawn Ward joined the Board of Directors.
Customer engagement is known for significantly affecting bank and credit union profitability. And financial institutions invest over $300 to acquire a checking account, but 25% to 40% are closed within the first year. And the Digital Onboarding platform helps customers and members adopt additional products and the account-related services that lead to long-term relationships.
Digital Onboarding is known for offering a SaaS digital engagement platform that’s purpose-built for financial institutions. And the platform makes it easy to deliver automated email and SMS reminders that link to personalized, step-by-step and digital guides. And by aggregating data across financial institutions with similar business objectives, Digital Onboarding is able to recommend and deliver campaigns that motivate account holders to take action.
Digital Onboarding partners with over 40 financial institutions with its current customers representing in aggregate more than $160 billion in assets.
KEY QUOTES:
“Digital Onboarding’s presence in Detroit is another great win for the fintech community here. We are excited to back the team as they expand their reach into financial institutions across the country.”
— Jared Stasik, Partner at Detroit Venture Partners
“Banks have myopically focused on getting new accounts opened to meet aggressive sales targets and are now being forced to contend with the reality that new accounts are worthless if they’re not converted into engaged relationships. The Digital Onboarding platform has been proven to drive the adoption of additional products and services like digital banking, direct deposit, and automatic payments which drive long-term profitability. With the Series A investment and a Board of Directors with deep expertise in developing high-growth, hugely successful fintech companies, we will look forward to accelerating the execution of our product roadmap, scaling Account Management, and expanding sales.”
— Ted Brown, CEO at Digital Onboarding
