Onsetto, a Minneapolis-based fintech building a white-label platform to help banks and credit unions capture and retain primary business banking relationships, has raised $2.2 million in a Series Seed financing. The round was led by EJF Ventures, the early-stage fintech investing platform of EJF Capital. Additional participants included Idea Fund of La Crosse, The Perch Fund, and Minneapolis-based angel investors Daren Cotter and Bobby Astrup.
Onsetto said the funding follows a strong quarter of commercial momentum in which it signed a double-digit number of financial institutions under contract, highlighting demand for technology that can streamline business account switching and accelerate deposit funding.
The company’s platform is designed to automate what Onsetto described as a historically manual and fragmented process for business customers moving their primary operating relationships. By identifying core operating account components and guiding transitions across payroll, accounts receivable and payable, and other operating flows, the platform aims to help financial institutions move payments faster, fund new accounts earlier, and surface treasury opportunities sooner in the onboarding lifecycle.
Onsetto said the new capital will be used to continue investing in product development and to scale sales and marketing. Product priorities include building out AI-driven capabilities across switching, activation, and treasury identification, with the goal of helping institutions shorten the time from account opening to becoming a fully funded operating relationship.
EJF Ventures said its investment reflects interest in software that supports deposit growth and operational efficiency in business banking, particularly as financial institutions compete to win primacy earlier in the customer lifecycle.
EJF Capital, founded in 2005 by Manny Friedman and Neal Wilson, is a global alternative asset manager focused on regulatory event-driven investing within the financial sector. The firm reported approximately $5.6 billion in assets under management as of September 30, 2025, including $3 billion in CDO assets through affiliates.
KEY QUOTES:
“Financial institutions are under increasing pressure to win the primary banking relationship earlier in the customer lifecycle, but outdated switching processes continue to slow momentum and negatively impact the customer experience. This funding allows us to deepen our product capabilities while scaling our go-to-market efforts so more institutions can turn newly opened business accounts into fully funded, primary operating relationships.”
Cale Johnston, Founder And CEO, Onsetto
“Onsetto is solving a meaningful problem for financial institutions by modernizing how business accounts are activated and funded. We’re excited to support the team as they continue to build a platform that strengthens core operating relationships and delivers measurable impact for banks and credit unions.”
Jonathan Bresler, Managing Partner, EJF Ventures
