Onsetto raises $2.2 million for business account switching

Onsetto, a Minneapolis, Minnesota fintech that aims to make it easier for banks and credit unions to win and fund business checking accounts, recently announced that it raised $2.2 million in a seed round led by EJF Ventures. Additional investors include Idea Fund of La Crosse, The Perch Fund, as well as Minneapolis-based angel investors Daren Cotter and Bobby Astrup.

“Onsetto is solving a meaningful problem for financial institutions by modernizing how business accounts are activated and funded.” Jonathan Bresler, managing partner at EJF Ventures, said in the statement. “We’re excited to support the team as they continue to build a platform that … delivers measurable impact for banks and credit unions.” 

Cale Johnston, Founder and CEO of Onsetto, added that the funding would allow the company to improve its product “while scaling our go-to-market efforts so more institutions can turn newly opened business accounts into fully funded, primary operating relationships.”

Onsetto describes its platform as a white‑label, AI‑enabled tool that automates what it calls the historically manual process of switching business accounts. The company says the software helps financial institutions identify elements of a business’s core operating account, accelerate payroll and payment movements, and drive earlier deposit funding and treasury engagement.

In the release, the company said that the funding “follows a strong quarter of commercial momentum for Onsetto, during which the company signed a double-digit number of financial institutions … underscoring growing demand from banks and credit unions seeking a technology-enabled solution for account switching.”

EJF Ventures, the lead investor, is the early‑stage arm of EJF Capital LP, an alternative asset manager founded in 2005 that - according to the announcement - manages assets totaling approximately $5.6 billion as of September 2025. 

Onsetto will operate in a market where banks and credit unions have long wrestled with friction in onboarding and account migration. The company’s pitch is to help reduce the manual work and timing gaps that, it says, keep newly opened accounts from becoming primary, fully funded relationships for these institutions. 

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