New York City-based FinTech startup Clair has raised $4.5 million in seed funding to disrupt payday lending schemes and help gig workers and freelancers get paid instantly.
[CEO:] “We are thrilled to be one of the only sources of free capital for America’s hourly and gig workers… We believe that everybody should be able to freely access money they’ve already earned.”
People who use Clair for direct deposit can get free advances on a percentage of their wages.
[Upfront Ventures:] “We are excited to back a social impact-driven FinTech with a sound business model. Many FinTechs that we’ve seen often struggle with profitability because their customer acquisition costs are so high… We think Clair’s strategy of creating a product embedded in other services that workers already use today is one that will set them apart in the long run.”