SAN FRANCISCO—Clutch has completed a $65-million Series B funding round, the organization reported.
Clutch builds omnichannel digital consumer banking origination software for credit unions.
The Series B funding round was led by Alkeon Capital Management with participation from Andreessen Horowitz, TruStage Ventures as well as Peterson Partners.
"…Clutch has quickly transformed from a young startup to a mission critical software provider for our credit union clients. With now more than 200 months of cash runway, Clutch is uniquely positioned to be the credit unions' one-stop-shop for all its consumer-facing technology needs," said CEO and Co-founder Nicholas Hinrichsen.
The new capital will support Clutch's growth plans and product innovation, including investments in AI and expanded platform capabilities to help credit unions compete more effectively for today's digital-first consumers, the company said.
"We strongly believe that we can best serve the credit union movement by partnering with the existing technology providers and thereby leveraging the investments our credit union clients have already made," said Chief Product Officer and Co-founder Chris Coleman. "No credit union leader wakes up in the morning, wanting to kick off a two-year long LOS conversion. Replacing your LOS will cost you two years—two lost years with no real progress.”