Swaystack, a unified account activation platform for community banks and credit unions, has secured a strategic investment from Btech Consortium Fund, a consortium of community banks.
The backing is designed to help Swaystack scale its platform, which is built to turn newly opened bank accounts into deposits that are actually funded and used, rather than left dormant. Industry data cited in the announcement shows that acquiring a new checking account can cost a bank more than $400, yet close to half of new accounts go inactive within a year, while more than 40% of new business accounts and over half of new retail accounts are never fully funded.
Rather than relying on the patchwork of tools many banks already use, such as separate deposit-switching software and engagement systems often added through acquisitions, Swaystack combines retail account switching, business account switching and ongoing engagement into one system. Customers can complete funding themselves or with staff assistance, cutting down on the disconnect between tools that banks currently juggle.
Swaystack has grown its client base to 26 financial institutions, up 189% over the last year, and connects directly into digital banking systems already used by banks, including Jack Henry/Banno, Q2, Alkami, Lumin and Candescent. Think Bank is among the institutions using the platform to address the long-standing challenge of accounts that open but never become active.
Swaystack was founded by chief executive Har Rai Khalsa and chief technology officer Simran Singh. Khalsa previously built MK Decision, an account-opening and loan-origination platform that Alkami acquired in 2021, giving him established ties across community and digital banking. Singh previously co-founded Zogo, bringing consumer FinTech product expertise to the venture.
Swaystack chief executive and co-founder Har Rai Khalsa said, “For years, banks have measured success by how many accounts they open, not how many actually become real relationships.
“We built Swaystack because getting an account fully funded takes more than another point solution. It takes one platform that can fund, switch, and engage a customer from day one. This investment from Btech Consortium lets us bring that platform to more of the community banks and credit unions that need it.”
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