Payment Methods

Switch Raises More Funding For Credit Card Update Platform

Switch, the startup that has an online platform to help consumers manage their credit cards, has reportedly raised $400,000 in funding.

According to a report, the $400,000 in funding is from angel investors. Since launching in 2014, Switch has raised close to $2 million.

“Today, credit and debit cards are the dominant payment solutions for consumers,” Switch CEO Chris Hopen said in a statement, according to the report. “Switch is the first ever consumer payment solution that automates both the challenge of secure account access and the ‘card on file’ problems users face every day.”

With Switch, customers can get updated information for their credit cards, which provides them with a quick and efficient way to make sure their payments are up-to-date and better visibility into their account information. The idea is also to enable people to update their payment information if the credit card is lost, stolen or no longer in use by the consumer. As it stands, the user would have to go to each website to change their payment information. It’s getting worse these days with all the different online subscriptions that require credit card information. To keep things secure, Switch includes encryption, two-factor authentication as well as other security features. Currently the startup out of Seattle has 10 employees.

Switch’s latest round of funding comes at a time when FinTech startups are garnering more attention from investors. Earlier this month Qapital, the FinTech startup, raised $12 million in venture funding to expand its app that enables users to make goals and save money to reach those goals. With the app, users can integrate their checking, savings and credit card accounts, so in addition to setting financial goals, they can stay on top of their finances. TechCrunch reported the funding will help increase the number of traditional banking features.

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