The gig economy has been in the headlines over the past few months, primarily over workers’ rights and benefits.
New York-based fintech Clair wants to help gig economy employers look after the financial wellbeing of their hourly workers by enabling them to give the workers a free instant cash advance on their earnings.
This provides security to US hourly workers as it means they do not have to turn to predatory payday loans to pay their bills, while also helping gig companies to attract and retain talent.
To further support workers’ financial security, Clair also provides them with access to a full suite of financial tools.
Now Clair has closed a $15 million Series A round, which was led by Thrive Capital. This brings the startup’s total funding to $19.5 million after a Seed round seven months ago.
Clair’s platform can also be integrated into human capital management (HCM) solutions made by HR tech companies. Clair argues that this helps HCM platform to offer heightened employee engagement, as well as a compliant and secure fintech experience, to their end client: employers.
As a result of this Series A round, Thrive Capital’s General Partner Kareem Zaki will join Clair’s board.
Zaki said: “By combining best-in-class financial infrastructure with consumer-centric product design, Clair’s offering is uniquely positioned to help a large but chronically underserved market get better access to their money.”
Clair CEO Nico Simko added: “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.”
Currently, Clair has partnerships with gig and HCM platforms that serve 1.5 million hourly workers in the US.