With its own capital base in New York City

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Payday loans are acceptable but should be accepted with caution and repaid as soon as possible because of the high interest rates they charge. With $ 15 million more, Clair wants to find out – TechCrunch
The world seems to be moving faster every year, and yet nothing feels slower than the speed at which paychecks are distributed. In the United States, the day following a pay period, work takes two weeks to process, with a check or direct deposit a week or two later. For the tens of millions of employees who live from paycheck to paycheck, that several weeks delay can mean the difference between making a rental check – or not.

A multitude of startups have approached this problem with different solutions, and one of the newest and most compelling offerings is Clair.

Clair offers employees immediate – and above all – free wage payments through integration into existing HR technology platforms. It works with full-time employees as well as gig workers and has a range of online and mobile apps for workers to understand their finances and get a deserved wage advance.

The company was founded at the end of 2019 by CEO Nico Simko, COO job function email database Alex Kostecki and CPO Erich Nussbaumer directors. Just months ago, Clair announced a $ 4.5 million seed round led by Upfront Ventures, bringing total funding to $ 19.5 million.

“Advance payment” or “advance wage earned” (there is a slight difference) was Silicon Valley’s euphemism for payday loans, an industry plagued by fraud, fraud, and predatory greed that have roused workers from their hardship-earned paychecks through Usury.

Clair is characterized by the fact that the offer is free for employees. Because it’s directly linked to HR systems, the startup takes significantly fewer financial risks than traditional payday lenders, who don’t have access to the salary data that Clair can analyze.

For Simko, one of his goals is simply the complete abolition of traditional industry. “I have a payday lender right outside my Brooklyn apartment and there’s a long line on the 25th of every month and I’m not going to stop until that line goes away,” he said. “For us, success is becoming the winner in access to earned wages.”