ClickSWITCH, a U.S. fintech that claims it simplifies and automates the switch of direct deposits and recurring payments for financial institutions’ new and existing account holders, announced on Wednesday it raised $2 million through its Series B investment round led by USAA subsidiary. The investment round notably brings ClickSWITCH’s total funding to more than $21 million.
As previously reported, ClickSWITCH describes itself as an automated account holding acquisition technology for financial institutions and fintechs that simplifies the process of bringing new depositors onboard by quickly, safely, and efficiently switching their deposits and recurring payments from their old accounts to new ones.
“Based in Minneapolis, the company’s industry-leading solution helps clients to increase account holder acquisition and activation rates, engage during onboarding, and cross-sell products to capture full profit potential. ClickSWITCH is a technology leader delivering world-class solutions to financial institutions and FinTechs of all sizes.”
Speaking about the investment round, Cale Johnston, Founder and CEO of ClickSWITCH, stated:
“This new round of funding will enable us to build additional momentum around the ClickSWITCH solution and its features. The financial investment from USAA is encouraging during these uncertain economic times and we are excited to support USAA’s mission of supporting the U.S. military community.”
The investment round’s funding will be used to accelerate ClickSWITCH’s development. Nathan McKinley, Head of Corporate Development at USAA, stated:
“Our mission is finding and delivering the best value in financial services for our military members, so they can take care of what’s important in their personal lives. We were impressed by ClickSWITCH’s commitment to solving a persistent consumer problem and we look forward to helping them grow.”