Clutch says it is turning credit unions into Fintechs, and with the successful completion of a Series B funding round, is equipped with $65 million to transform the way credit unions deliver products and services to the members and communities they serve.
The Series B investment round was led by Alkeon Capital Management with participation from Andreessen Horowitz, TruStage Ventures as well as Peterson Partners.
CEO and Co-founder Nicholas Hinrichsen said:
“As the fastest growing, most widely-adopted and most holistic modern digital onboarding solution in the credit union industry, Clutch has quickly transformed from a young startup to a mission critical software provider for our credit union clients. With now more than 200 months of cash runway, Clutch is uniquely positioned to be the credit unions’ one-stop-shop for all its consumer-facing technology needs.”
This capital will support Clutch’s growth plans and product innovation including investments in AI and expanded platform capabilities to “help credit unions compete more effectively for today’s digital-first consumers.”
Clutch, which builds omnichannel digital consumer banking origination software for credit unions, was “founded in 2020 by the MIT and Stanford graduates Christopher Coleman and Nicholas Hinrichsen, who had sold their previous company to Carvana.”
Clutch has seen explosive success thanks to its “commitment to the credit union movement and its mission of helping credit unions become the obvious choice for every consumer’s financial need.”
Clutch has onboarded over 135 credit union clients “across all states and sizes, including six of the top ten largest institutions in the country, each leveraging Clutch’s unified digital origination platform to serve the consumer loan and deposit account needs of their members.”
Nicholas credits Clutch’s momentum to the company’s focus on customer success, the company’s partnerships “with 31 out of the 33 credit union leagues, and its strong relationships with the leading credit union technology providers.”
As noted in the update, Clutch is a FinTech company that partners with credit unions to modernize their operations “by providing digital solutions that enhance loan origination and deposit account onboarding.”
Clutch’s platform offers secure experiences for members and employees, increasing operational efficiency, “cross-selling opportunities, and overall customer satisfaction.”
Since its founding in 2020, Clutch has expanded its “suite of services, including digital loan applications and deposit account openings, while helping credit unions grow their portfolios.”
With over $10 billion in consumer loans funded and deposits raised, Clutch continues to “drive innovation in the financial sector.”
