Digital Onboarding Raises Series A

Customer engagement specialist Digital Onboarding announced its Series A round today. The amount of funding was undisclosed and adds to the company’s existing $4.3 million in seed funds. Contributors include Detroit Venture Partners and other institutional and individual investors.

Along with today’s investment, FINTOP Capital Partner John Philpott, Jack Henry Senior Managing Director Shawn Ward, and a founding member of S1 Corporation joined the Board of Directors.

The company plans to use the funds, along with the fresh influx of expertise on its board, to begin “accelerating the execution of [its] product roadmap, scaling account management, and expanding sales.”

Digital Onboarding’s SaaS offering helps banks deliver compelling services that keep customers around for the long-term. The company is especially effective in helping motivate accountholders to take action because it aggregates data across banks with similar business objectives.

“Banks have myopically focused on getting new accounts opened to meet aggressive sales targets and are now being forced to contend with the reality that new accounts are worthless if they’re not converted into engaged relationships,” said Digital Onboarding CEO Ted Brown. “The Digital Onboarding platform has been proven to drive the adoption of additional products and services like digital banking, direct deposit, and automatic payments which drive long-term profitability.”

The funding comes at a time of increased demand for digital services of all kinds. Since many non-digital native customers are now needing to conduct much of their banking activities remotely, maintaining connection with them through digital channels is more essential than ever.

Digital Onboarding was founded in 2015 and is partnered with 40+ financial institutions that together represent $160+ billion in assets. The company most recently demoed at FinovateFall 2018. You can catch an all-new round of demos at FinovateFall Digital next month. Stream the event from anywhere on the globe September 14 through September 18.

Photo by Kari Shea on Unsplash