Klover, a Chicago, IL-based platform that gives access to modern financial services by leveraging consumers’ permissioned data, closed $60m in Series A funding.
The round was led by Mercato Partners Traverse Fund with participation from new and existing investors Lightbank, Core Innovation Capital and Starting Line.
The company intends to use the funds to expand the sales, marketing, engineering and product teams, grow their 1.5 million user base, and broaden the services and value to their consumers.
Founded by a team of ad-tech veterans and led by Brian Mandelbaum, CEO, Klover provides access to app-based, low-cost/no-cost financial services by letting users capture the benefit of their permissioned data rather than having it taken by anonymous tech firms. Using its platform, millions of consumers can access their earned wages in seconds with no interest, no credit check and no hidden fees.
The company has grown revenue by over 1,600 percent in the past twelve months and plans to expand its team from 30 to 60 by the end of this year.