- Clair raises $23.2 million in Series B funding to enhance earned wage access solutions.
- Partnerships with platforms like Gusto and TriNet expand reach in payroll and HR management.
- Clair's service now spans over 29,000 business locations, impacting more than 50 million U.S. employees.
Clair, a pioneering fintech company specializing in Earned Wage Access (EWA), successfully raised $23.2 million in its Series B funding round. This round was led by Upfront Ventures and included contributions from existing investors like Thrive Capital. The funds will help Clair continue its mission to deliver secure, simple earned wage access to millions of workers.
In today's economic climate, 78% of people live paycheck-to-paycheck, with 83% expressing a desire for real-time earnings access but lacking affordable options. Clair addresses this demand, offering no-cost, real-time wage access integrated into payroll and human capital management platforms. This feature has emerged as a highly sought-after employee benefit, second only to medical insurance.
Clair's recent partnership with Gusto, an all-in-one software platform that simplifies payroll and HR management, has further solidified its position in the market. Since launching with Gusto in July 2024, 43% of users have accessed their first advance within just two minutes, showcasing the strong demand for such services.
CEO Nico Simko stated, "We have crossed 29,000 business locations, and this Series B is arriving at the right time to allow us to double down on this solution." Clair's reach covers over 50 million U.S. employees, reinforcing its belief in the growing market potential for integrated payroll and workforce management solutions.
Powered by its partnership with Pathward®, N.A., a national bank, Clair offers bank-issued advances with no interest, enhancing financial availability and workforce retention. This collaboration is integral to providing seamless advances and ensuring compliance in an evolving regulatory environment.
