MINNEAPOLIS--(BUSINESS WIRE)--ClickSWITCH, a digital financial account switching solution, announced its most recent round of Series B-1 funding in the amount of $2 million from a USAA subsidiary. This brings the company’s external funding total to more than $21 million.
“This new round of funding will enable us to build additional momentum around the ClickSWITCH solution and its features,” said Cale Johnston, Founder and CEO of ClickSWITCH. “The financial investment from USAA is encouraging during these uncertain economic times and we are excited to support USAA’s mission of supporting the U.S. military community.”
The Series B-1 funding will accelerate ClickSWITCH’s ability to further innovate, solidifying ClickSWITCH as the leader in the account switching space. ClickSWITCH has over 500 financial institution customers in the United States and Canada and plans to continue growth by expanding its product offerings and hiring an additional ten to twenty employees by the end of 2020.
For USAA, the investment adds to a growing portfolio of investments with financial and insurance technology startups that help continue its proud tradition of delivering innovative products and services for the U.S. military and their families.
“Our mission is finding and delivering the best value in financial services for our military members, so they can take care of what’s important in their personal lives,” said Nathan McKinley, head of Corporate Development at USAA. “We were impressed by ClickSWITCH’s commitment to solving a persistent consumer problem and we look forward to helping them grow.”
Founded in 1922 by a group of military officers, USAA is among the leading providers of insurance, banking and investment and retirement solutions to nearly 13 million members of the U.S. military, veterans who have honorably served and their families. Headquartered in San Antonio, Tex., USAA has offices in seven U.S. cities and three overseas locations and employs more than 35,000 people worldwide. Each year, the company contributes to national and local nonprofits in support of military families and communities where employees live and work. For more information about USAA, follow us on Facebook or Twitter (@USAA), or visit usaa.com.
ClickSWITCH is a digital account switching solution for financial institutions and challenger banks that simplifies the process of bringing new account holders onboard by quickly, safely and efficiently switching direct deposits and automatic payments to new accounts. The company enables financial institutions to make switching easy, capture more deposits, rapidly and consistently gain PFI status, and increase profitability. For more information, visit www.clickswitch.com