ClickSwitch, a Minneapolis, Minnesota-based turn-key solution that simplifies recurring payments, as per recent reports this week, has just closed a Series B fundraising round, raising $13 million in investment financing. The recent funding round was led by Commerce Ventures, a San Francisco, California-based venture capital & private equity firm, and Point72 Ventures, a Stamford, Connecticut-based venture capital firm.
With this recent funding round, ClickSwitch will be able to further boost its product roadmap, expanding its executive leadership, and hiring professionals within its software development and sales teams, amongst other marketing plans for growth.
“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,” states Tripp Shriner, Partner, Point72 Ventures. “ClickSwitch has solved a true problem for consumers and financial services providers by seamlessly enabling people to redirect their paycheque to a new bank, improving customer economics and dramatically reducing friction and increasing choice for customers.”
The Minneapolis-based ClickSwitch specializes in providing white-label banking solution to financial institutions, enabling its customers to seamlessly switch direct deposits and recurring payments.
Concluding, Cale Johnston, CEO of ClickSwitch, says, “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.”