Clair, a NYC-based mission-driven fintech company, raised $175m in funding.
The funding included an additional $25m in equity in a round led by Thrive Capital. Upfront Ventures and Kairos also participated in the equity round, bringing Clair’s total venture capital funding to $45m. As part of the deal, Michael Presser, Investing Partner at Kairos, has been appointed as a board observer.
Led by Nico Simko, Co-founder and CEO, Clair is a mission-driven fintech company providing an on-demand pay solution backed by an FDIC-insured bank. Clair’s financial services, supported by partnerships with Pathward and Mastercard, help over 50,000 workers get paid as soon as they finish their shifts – with zero fees. Clair is available at over 10,000 employers and a dozen workforce management platforms to increase employee retention and financial wellness amid front-line worker shortages. Companies using Clair include EverView, Viking Ranges, and SanStone Health & Rehabilitation, along with franchisees of DoubleTree by Hilton, Sheraton Hotels & Resorts, and GNC.
The company will use the funds to launch an on-demand pay solution as a consumer lending program backed by an FDIC-insured bank. The new program provides for a participation amount of up to $150 million, which allows front-line workers to take wage advances from Pathward. Through the partnership, consumers get access to Pathward established FDIC-insured Clair Spending and Savings Accounts, among other financial services.
Clair also announced the launch of Clair for Employers, a set of free, holistic financial wellness benefits for employees of businesses that are not on Clair’s partner platforms.
FinSMEs
06/07/2023