Market Research Report: Clutch

Company Overview

• Name: Clutch

• Mission: Turn Credit Unions into FinTechs to ensure that Credit Unions remain their members' first choice.

• Founded: 2020

• Founders:

• Chris Coleman

• Nicholas Hinrichsen

• Key People:

• Chris Coleman (Founder)

• Nicholas Hinrichsen (Founder)

• Headquarters: San Francisco, US

• Number of Employees: 51-200

• Revenue: No information is available.

• Known For: Specializing in transforming Credit Unions into forward-thinking FinTechs by providing responsible lending and deposit account creation. Clutch is recognized for its digital loan and deposit origination platforms which streamline and enhance operations for Credit Unions.

Products

Deposit Account Origination

• High-Level Description: Provides a seamless digital origination experience, enabling Credit Unions to offer frictionless deposit account opening for various types, including membership, checking, savings, share certificates, and money markets both online and in-branch.

• Key Features:

• Automated cross-selling

• Retargeting and premium fraud checks

• ID verification and immediate funding

• Streamlined experience with less than five minutes to open accounts

Loan Account Origination

• High-Level Description: Offers a comprehensive digital loan origination experience designed for efficiency and speed, supporting various loan types and refinancing with a minimalistic and user-friendly application process that takes only minutes.

• Key Features:

• Automated cross-selling and retargeting

• Seamless digital journey for personal loans, auto loans, credit cards, HELOC, and home equity

• Built-in support for immediate compliance and document collection like payoff statements and registration

Recent Developments

• New Products and Features:

• Clutch recently launched a digital platform for opening deposit accounts, expanding its product suite for Credit Unions.

• Introduction of automated and streamlined ID verification processes to enhance security and efficiency.

• Partnerships:

• Announced partnerships with various credit union associations such as the New York Credit Union Association, Michigan Credit Union League, and others.

• Collaboration with technology providers like ViClarity for compliance reviews and Zest.ai for credit union finance innovation.

• Funding:

• Secured $65 million in Series B funding, led by Alkeon Capital Management, Andreesen Horowitz, TruStage Ventures, and Peterson Ventures to further enhance product innovation and AI capabilities.

• Industry Impact:

• Implementation of Clutch’s solutions helped Neches Federal Credit Union transform its lending and deposit origination processes, showing significant improvements in approval times and application completions.

• Organizational Developments:

• The company has increased its workforce and expanded its team in response to rapid growth and increased demand.

This comprehensive overview showcases Clutch’s strategic initiatives and product offerings, aimed at empowering Credit Unions through cutting-edge fintech solutions to improve operational efficiency, drive growth, and enhance member experiences.