Volition Capital backs Digital Onboarding
Digital Onboarding announced it has closed a $58 million growth investment from Boston-based growth equity firm Volition Capital, bringing its total funding to date to $62 million.
Founded in 2015, Digital Onboarding offers a digital engagement platform built specifically for banks and credit unions to grow and service existing customer relationships. The company’s platform enables financial institutions to engage with customers via targeted, journey-based communication and action-oriented microsites to drive account primacy. The platform includes a library of campaigns along with proprietary and third-party widgets that can be added to its microsites, on bank landing pages, and within third-party digital banking applications.
“Banks and credit unions are pushing further into digital maturity, with many providing online banking and developing robust campaigns for customer acquisition. However, digital transformation often stalls at the onboarding stage of the new customer or member lifecycle. Financial institutions have a significant opportunity to make enrolling in and setting up deposit, payment, and other services simple and seamless. Making these as accessible and easy to complete as possible has a measurable positive impact on customer retention and loyalty.” – Ted Brown, CEO of Digital Onboarding.
The company also plans to grow the team with an objective to nearly double the headcount by the end of 2024.
“Banks and credit unions must prioritize user experience and simplicity across every stage of the customer journey to maximize the quality of their relationships and reduce churn–especially with an ever-growing number of primary banking choices. This is because customers value experience and ease of use much more than any amount of digital banking features. We see Digital Onboarding’s leadership position being further strengthened as financial institutions embrace solutions to engage with new customers in ways that drive organic growth.” – Sean Cantwell, Volition Capital Managing Partner.
