It’s on for paytech Switch’s $2m funding
Credit card information management platform Switch has got its largest round of funding to-date. The Seattle-based company just closed a $2 million investment, bringing its total funds to more than $2.3 million, reports Julie Muhn at Finovate.
Founded in 2013, Switch enables cardholders to automatically update their card-on-file information across multiple accounts. This comes in handy for consumers replacing the 700 million US credit and debit cards that are lost, stolen, or reissued each year.
Switch’s technology is embedded into its CardSavr API which it launched in February of this year.
The CardSavr API allows card issuers to place new cards into circulation immediately after they are issued instead of waiting for a new one to arrive by mail.
Switch says it enhanced the technology earlier this year by integrating voice technology, enabling customers to update card information and add a new card to their account by using voice commands.
Switch also offers TopWallet, a card issuer-branded app that allows cardholders to manage all of their payments and passwords in one place. TopWallet is currently being offered in beta.