Digital Onboarding, a SaaS business that helps financial institutions improve client connections, received $58 million from Volition Capital to enhance its digital engagement platform.
Ted Brown and Jonathan Crossman launched SalesBrief in 2015 with a focus on B2B sales. After joining Digital Federal Credit Union’s fintech accelerator, they changed courses in 2017. The company became Digital Onboarding in January 2018 and sold its engagement platform to banks and credit unions.
Due to rigorous rules, financial institutions typically provide paper documents when creating new accounts. According to the 2023 Future of Finance Report, 25%–40% of new checking accounts shut during the first year, according to Brown, CEO of Digital Onboarding. 
“Neobanks getting people to swipe a debit card took away a lot of the valuable parts of the relationship,” Brown told Eltrys.
Brown said financial firms spend hundreds of thousands in marketing and awareness to convince a consumer to establish an account they never use, losing money and a relationship.
Digital Onboarding’s targeted, journey-based marketing and action-oriented microsites add a digital element to the paper welcome package to cut losses and keep customers longer.
It also offers a library of campaigns and proprietary and third-party widgets for microsites, bank landing pages, and third-party digital banking applications.
Digital Onboarding serves 140+ financial institutions. Brown just said the firm has grown fast despite a five-month sales cycle.
He called the $58 million growth investment “opportunistic.” The business has secured $7.5 million in venture capital, including a 2020 Series A, and may profit.
“We have very few competitors in the space, and only about a quarter to a third of our market knows about us,” Brown said. “With this funding, we can accelerate our product roadmap and have 140 very happy customers who would buy more from us if we sold more.”
Digital Onboarding will also invest in segmentation, profile management, marketing attribution, machine learning, and embedded fintech. By 2024, Brown hopes to quadruple the company’s lean workforce.
