Minneapolis-based financial services company ClickSWITCH has secured $13 million in Series B funding, according to company database Crunchbase, topping the city’s recent funding headlines. The cash infusion was announced May 14.
According to its Crunchbase profile, "ClickSWITCH is an automated account holder acquisition technology for financial institutions and FinTechs that simplifies the process of bringing new depositors onboard by quickly, safely and efficiently switching their direct deposits and recurring payments from their old accounts to new ones. Based in Minneapolis, the company’s industry-leading solution helps clients to increase account holder acquisition and activation rates, engage during onboarding, and cross-sell products to capture full profit potential. ClickSWITCH is a technology leader delivering world-class solutions to financial institutions and FinTechs of all sizes."
The five-year-old company has raised two previous funding rounds, including a $3.5 million Series A round in 2018.
The round brings total funding raised by Minneapolis companies in financial services over the past 90 days to $18 million, and increase of $12 million from the previous three-month period. The local financial services industry has produced nine funding rounds over the past year, capturing a total of $338 million in venture funding.
In other local funding news, mobile company Upsie announced a $5 million Series A funding round on May 28, led by True Ventures.
According to Crunchbase, "Upsie is a mobile app that provides an easier & better way to protect your stuff. You get the same warranties and coverage offered by other companies, but at an affordable price. No annoying sales pitch."
Founded in 2015, the company has raised four previous rounds, including a $1.7 million seed round in 2018.
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