Clutch has raised US$65 million in its Series B funding round to support its mission of changing the way credit unions provide products and services to their members.

The funding, led by Alkeon Capital Management with participation from Andreessen Horowitz, TruStage Ventures, and Peterson Partners, will support Clutch’s growth and product development, including AI and expanded platform capabilities.

CEO and Co-founder Nicholas Hinrichsen said,

“As the fastest growing, most widely-adopted and most holistic modern digital onboarding solution in the credit union industry, 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.”

The capital will help Clutch assist credit unions in competing with today’s digital-first consumers.

Darlene Johnson, EVP & Chief Strategy and Transformation Officer at Suncoast Credit Union, highlighted the competition, saying,

“We’re not competing with other credit unions or banks. We’re up against Uber, Amazon and Netflix – tech giants that have perfected consumer experiences and set the standard for instant gratification.”

Clutch, founded in 2020 by MIT and Stanford graduates Christopher Coleman and Nicholas Hinrichsen, who previously sold their company to Carvana, has grown quickly by focusing on credit unions.

The company has signed over 135 credit union clients, including six of the top ten largest institutions, using its digital origination platform to manage consumer loan and deposit account needs.

Featured image credit: edited from freepik