Seattle based payment management startup Switch has raised $400,000 in angel investment from various undisclosed investors. Switch allows users to manage their online payment information all in one place.
Chris Hopen, SWITCH co-founder and CEO, called his technology the “first of its kind, credit card updater for online accounts.” SWITCH makes it easy for card holders to update their payment methods at online merchants and e-commerce sites, as well as for subscriptions and recurring repayments like cable and utility bills. It also helps card issuers get new and replacement cards to cardholders faster, and provides issuers with analytics and data on card usage to better understand their competition. Hopen highlighted the benefit this analytics component provided for issuers, saying “If I’m in 10,000 wallets, I want to know who my top five competitors are in those wallets, so I can do something about increasing my profile and getting more sites using my card.”