ClickSWITCH scores $3.5m in its Series A led by Commerce Ventures

ClickSWITCH, a platform designed to ease the switching of recurring payments to new accounts, has netted $3.5m in its Series A.

The investment was led by Commerce Ventures, The Bancorp founder Betsy Cohen, The Bancorp chairman David Cohen and CheckFree founder Pete Kight. Contributions to the round also came from a number of Minneapolis-based investors.

Minneapolis-based ClickSWITCH is an automated account switching solution which helps financial institutions to ease the switching of recurring payments and deposits between new and existing account holders. Launched in 2014, the company has seen an annual growth of over 100 per cent and currently has more than 300 financial institutions using the platform.

This capital branch will help to fuel ClickSWITCH’s expansion, and use the guidance of its new investor to take advantage of the new stage of growth.

Commerce Ventures partner Dan Rosen said, “As focused investors in financial services enablement platforms, we see a large and growing opportunity to make the digital financial account opening process more efficient. ClickSWITCH is delivering a critical solution to help convert new account holders into profitable, long-term customers.”

Earlier in the year, Commerce Ventures partnered with Shoptalk to launch a new investment vehicle which will invest $1m into 20 e-commerce and retail technology startups.

Last year, security technology was the biggest sub-sector within the infrastructure and enterprise software space, in terms of funding, according to data by FinTech Global. Banking infrastructure was the second biggest space, with a 21 per cent share.

Copyright © 2018 FinTech Global

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