Payments

Clair raises $175M for early pay solution

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July 20, 2023

Clair, a fintech, has raised $175 million to introduce its on-demand pay solution to allow workers to gain wage advances from its national banking partner Pathward. Consumers will also gain access to FDIC-insured Clair Spending and Savings Accounts, according to a press release.

"Front-line workers are astonishingly underserved, as big banks don't see them as profit drivers and aren't building the solutions they need," Nico Simko, co-founder and CEO of Clair, said in the release. "This lack of support is unfair when half of Americans live paycheck to paycheck and don't have $500 in savings for an emergency, so timely pay is crucial for them to keep up with their bills. We're grateful to join forces with investors, partners and employers who believe in our mission of enabling people to responsibly customize their pay cycles to their needs."

Clair also introduced Clair for Employers, which provides financial wellness tools for employees of business that aren't on Claire's partner platforms.

"We share common values with Clair, and our partnership has exponential power to increase financial access for more Americans regardless of the economic cycle," Anthony Sharett, president, Pathward, said in the release. "Through our Banking as a Service solutions and strong risk and compliance framework, we're proud to be their bank partner, supporting their issuing and lending needs to meet the evolving demands of their growing business."