New York-based fintech start-up Clair has secured $25 million in equity funding to fuel the growth of its consumer on-demand pay solution backed by Pathward, an FDIC-insured bank. The funding round was led by Thrive Capital, and the total venture capital funding raised by Clair is now $45 million. Clair aims to address the underserved needs of front-line workers and plans to expand its team and product reach.
Facts
- Clair has raised $25 million in equity funding to support its consumer on-demand pay solution.
- Thrive Capital led the funding round, with participation from Upfront Ventures and Kairos.
- Clair has partnered with Pathward to provide a “consumer lending program” of up to $150 million, enabling front-line workers to access wage advances.
- The lending program allows workers to receive wage advances “as soon as they finish their shifts” through Clair spending and saving accounts.
- Clair has launched Clair for Employers, offering free financial wellness benefits to employees of businesses not on Clair’s partner platforms.
- The solution integrates with companies’ payroll providers and provides additional features such as cashback.
- Clair plans to use the funding to expand its team and increase adoption among the 76 million hourly workers, comprising 56% of the US workforce.
