Paytech ClickSwitch gets $3.5m funding
ClickSwitch, a Minneapolis-based automated account switching solution, has got $3.5 million in a Series A funding round.
The investment was led by Commerce Ventures; Betsy Cohen, founder of The Bancorp; Daniel Cohen, chairman of The Bancorp; and Pete Kight, founder and former CEO of CheckFree Corp. Several Minneapolis-based investors also participated in the round.
Dan Rosen, partner at Commerce Ventures, says: “ClickSwitch is delivering a critical solution to help convert new account holders into profitable, long-term customers.”
ClickSwitch was launched in 2014, and says it has consistently grown revenue more than 100% annually and has signed over 350 financial institutions onto its platform.
It says it offers a turnkey solution that simplifies the switch of recurring payments and deposits for a financial institution’s new and existing account holders.
The firm plans to use the funds for product development and hiring.
Commerce Ventures has invested in 50 portfolio companies, including fintech start-ups such as Bill, Blooom, InAuth, Kasisto, Snapsheet and Socure.