Digital Onboarding plans product and team expansion following $58m growth capital injection
Boston-based fintech company Digital Onboarding is set for substantial growth following a $58 million investment from Volition Capital, a growth equity firm. Originally established in 2015 under the name SalesBrief, Digital Onboarding specializes in providing technology to streamline the digital enrollment process for customers of banks and credit unions.
Having initiated its services with Digital Federal Credit Union (DCU) in 2017, the platform has since expanded its reach to include Mariner’s Bank and Community National Bank & Trust of Texas (CNB&T), among others.
The newly secured investment will be utilized by Digital Onboarding to enhance its onboarding and customer engagement platform. The company’s strategic plans include the incorporation of additional functionalities such as segmentation, profile management, machine learning, and marketing attribution.
In addition to product development, Digital Onboarding is gearing up for a significant expansion in its workforce, aiming to double its staff headcount by the end of the year. This growth trajectory aligns with the company’s commitment to provide enhanced support to its existing customers.
Ted Brown, the CEO and co-founder of Digital Onboarding, underscores the importance of simplifying and streamlining the onboarding stage in the digital transformation journey for financial institutions. Brown emphasizes that by making services like enrolling in and setting up deposit, payment, and other financial services seamless, institutions can significantly impact customer retention and loyalty in a positive way. Despite the ongoing push for digital maturity in the financial sector, Digital Onboarding sees ample opportunities for improvement in the crucial onboarding phase of the customer or member lifecycle.
