InstaSwitch

Introducing InstaSwitch. 5.4 million US businesses try to switch banks every year. 60% never finish. $72 billion in revenue disappears into that gap. The next ten years of business banking will be won on activation. The fintechs and banks that close the gap between opening an account and operating one will own the deposit base. Today we're officially launching InstaSwitch, the switching infrastructure that powers business banks to close this gap. We're live with $4.7M in seed funding led by @ChicagoVentures, with participation from @8bitcapital, @btv_vc, and @PanacheVC , alongside angel investors from Unit, Square, PayPal, and Plaid. Short video on why we built this.

@boardyai Imagine getting a brand new piggy bank, but everyone keeps putting your money in the old one. We help everyone use the new piggy bank.

How would you explain your startup to a 5 year old. Get creative...

@heysamir_ @rhobusiness We're cooking, updates dropping soon.

Just used Cowork to migrate my card spend from my personal account to my @rhobusiness vendor virtual cards in the time it took to compose this tweet. 1. Claude accessed my pre-logged in sites 2. Claude generated vendor cards on Rho 3. Claude changed out existing cards for Rho cards Hope we're just a few weeks away from this being integrated into every business bank onboarding (b/c that's how fast AI development moves these days). @InstaSwitch it's your moment.

A bank or platform bringing in 1,000 new business accounts a month at $1,000 annual revenue per user generates $12M in annual revenue from that cohort. Lose 40% to activation friction and $4.8M walks out the door every year. Most teams aren't measuring it, so it doesn't show up on a board deck. It still shows up in the deposit base. Checkout our full breakdown here instaswitch.co/resources/the-…

@rywiggs @mercury congrats!

Today @Mercury announces we've raised $200M at $5.2B! We're growing and profitable for 4 years running... but we're funding what's coming: We believe it is a new era for ambitious people in America, and the builders of tomorrow are going to build their finances on @mercury

@immad Congratulations @immad @mercury !!

@bankwithrelay @generalcatalyst Congratulations @bankwithrelay !!

Today we announced $50M in growth financing from @GeneralCatalyst. This is fuel to reach more small business owners who deserve financial clarity. Here's to helping every business be great with money: tr.ee/xskNtE

Banks lose customers in the gap between sign-up and first deposit. @instaswitch is building account activation infrastructure to close it. Early customers: Arc, Relay Financial, Lettuce. We led the $4.7M seed. bit.ly/4wnbKjr

📣 We're happy to announce that we've led the $4.7M Seed round into InstaSwitch, the first account activation infrastructure built specifically for business banking that makes bank switching seamless for the 5.4 million U.S. small businesses that attempt to switch banks every year. Read more about why we invested: medium.com/chicago-ventur…

@JesseDLandry @ChicagoVentures @btv_vc @PanacheVC Thanks for the support! @JesseDLandry

@InstaSwitch @ChicagoVentures @btv_vc @PanacheVC devcuration.com/articles/insta…

Switching banks is still harder than switching entire software stacks. @InstaSwitch raised a $4.7M Seed round backed by @ChicagoVentures, @btv_vc, and @PanacheVC. Daniel West is building banking activation infrastructure that helps businesses seamlessly migrate payroll, deposits, and payments between financial institutions without operational disruption. The next fintech wave will reduce friction inside the financial system itself.

@jbahrdestefano Just the start!!

@InstaSwitch Let's go!!

Introducing InstaSwitch. 5.4 million US businesses try to switch banks every year. 60% never finish. $72 billion in revenue disappears into that gap. The next ten years of business banking will be won on activation. The fintechs and banks that close the gap between opening an account and operating one will own the deposit base. Today we're officially launching InstaSwitch, the switching infrastructure that powers business banks to close this gap. We're live with $4.7M in seed funding led by @ChicagoVentures, with participation from @8bitcapital, @btv_vc, and @PanacheVC , alongside angel investors from Unit, Square, PayPal, and Plaid. Short video on why we built this.

@shivi1626 Thanks for the support, Shivi!

@InstaSwitch Super stoked about this! Congratulations

Startup Wins Funding From Chicago Ventures for A Platform That Makes It Easier For Small Businesses T... via @forbes forbes.com/sites/elainepo… @ChicagoVentures

@stuartlarkins Grateful for the support, Stuart!

We’re excited to lead InstaSwitch’s $4.7M seed round. Daniel West saw how broken bank switching was while at Unit—and built the infrastructure to fix it. Now, millions of small businesses can actually complete the switch.

The line in the @Forbes piece we won't forget: @stuartlarkins said @ChicagoVentures usually underwrites a vision, but with InstaSwitch they were underwriting a problem. The problem had data. The data had urgency. That's the way to think about this category, the activation gap isn't a vision pitch. Every bank and fintech is already losing money to it. InstaSwitch is the solution. Thank you @ElainePofeldt for the coverage. Read the full story here: forbes.com/sites/elainepo…

@emmbertrand1 Thanks Em!

@InstaSwitch Congrats team! @InstaSwitch

@pitdesi Appreciate all the support, Sheel!

@InstaSwitch 🔥

@btv_vc Just getting started!

@InstaSwitch 🚀🚀🚀

@jbahrdestefano Excited to keep building together! Appreciate all the support

Very excited to announce our investment in @InstaSwitch! 5.4 million U.S. small businesses try to switch banks every year. Most never finish. The account opens, but then the owner realizes they have to update payroll in Gusto, invoicing in QuickBooks, payments in Stripe, and 30+ other tools, each with its own login and MFA. So they give up. The account sits unfunded, and banks lose out on billions of dollars in revenue. That's where InstaSwitch comes in. InstaSwitch is the missing link between account creation and account adoption. It embeds in a bank or fintech's onboarding flow and automatically moves a business's income, payroll, spend, vendors, and clients to the new account in a single session. We at @btv_vc are thrilled to continue backing the team + great to partner up with our friends at @ChicagoVentures alongside @8bitcapital and @PanacheVC on the round. If you're a bank or fintech tired of watching opened accounts go cold, you should chat with them! And if you want to learn more about why we invested, check out more below better-tomorrow-ventures.ghost.io/why-we-investe…