ClickSwitch simplifies recurring payments with $13m funding
ClickSwitch, a turn-key solution that simplifies recurring payments, has raised $13 million in a Series B financing led by Commerce Ventures and Point72 Ventures.
This round of financing will further accelerate ClickSwitch product roadmap, expand executive leadership, and increase headcount within software development and sales teams, amongst other marketing plans for growth.
“One of the biggest pain points around opening a new bank account is switching your direct deposit, which requires paperwork and involving your HR department,” says Tripp Shriner, partner, Point72 Ventures.
He adds: “ClickSwitch has solved a true problem for consumers and financial services providers by seamlessly enabling people to redirect their pay cheque to a new bank, improving customer economics and dramatically reducing friction and increasing choice for customers.”
Headquartered in Minneapolis, ClickSwitch provides a white-label banking solution to financial institutions, allowing customers to switch direct deposits and recurring payments easily and automatically.
Cale Johnston, CEO of ClickSwitch, concludes: “Since closing our Series A, we’ve gained fast momentum with our client base, prospects and emerging fintechs looking to capture PFI status with their account holders.”