Clutch, a San Francisco, CA-based FinTech company helping credit unions in their operations, raised $65M in Series B funding.
The round was led by Alkeon Capital Management with participation from Andreessen Horowitz, TruStage Ventures as well as Peterson Partners.
The company intends to use the funds to support its 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.
Led by CEO Nicholas Hinrichsen, Clutch partners with credit unions to optimize their operations by providing digital solutions that enhance loan origination and deposit account onboarding. Its platform offers experiences for both members and employees, increasing operational efficiency, cross-selling opportunities, and overall customer satisfaction. Since its founding in 2020, the company has expanded its suite of services, including digital loan applications and deposit account openings, while helping credit unions grow their portfolios.
Clutch has onboarded over 135 credit union clients across all states and sizes, including six of the top ten largest institutions in the country.