Clair, a social impact, embedded fintech startup transforming how America’s hourly workers get paid, today announced the close of a $15 million Series A funding round led by Thrive Capital, a firm that has been a part of building and investing in many of the top technology companies of the last decade. This brings Clair’s total funding to $19.5 million, following its seed round led by Upfront Ventures announced seven months ago.
“Thrive Capital is one of the most experienced VC firms around when it comes to backing game-changing fintech businesses. Their investment is a testament to the way the Clair team has built a rock-solid business with enormous growth potential,” Clair’s CEO Nico Simko said. “We’re on a mission to give workers easier, faster access to their hard-earned cash. We want to promote financial inclusivity for everyone, and we are doing this by enabling existing HR tech providers through innovative fintech tools. This fundraising round gives us the runway we’ll need to expand our operations and realize that vision on a larger scale.”
The New York-based company, which was founded in 2019, partners with human resources tech companies and gig work companies to give workers free access to their earnings before their usual payday. Neither employers not employees pay for the service. Clair earns revenue under a partnership with Mastercard via a Clair debit card when employees use it to buy goods and services.
Clair will use the new venture capital to expand its operations, as employers increasingly embrace the on-demand pay trend and competition to provide employers with such services intensifies.
Announcement: Clair Raises $15M for On-Demand Pay