Personal Finance News
Brokerage App Public and ID Platform CLEAR Launch Partnership
A FinTech trading app and a biometric identification company are teaming up.
About the partnership:
This week, Public and CLEAR announced a new partnership. Now, members will have the option of verifying their identity with CLEAR when opening a brokerage account with Public. As a result, Current CLEAR customers will also enjoy an expedited onboarding experience when opening a Public account.
As part of this partnership, Public is also offering a special bonus to CLEAR members who join the app. Those who have CLEAR Plus (the paid service used at select airports across the country) can sign up for Public will receive a $100 bonus in their Public account. Meanwhile, regular CLEAR members can earn a $50 bonus when they join Public. In both cases, customers will need to deposit at least $20 into their Public account to get started.
What they’re saying:
Commenting on the partnership, CLEAR CEO Caryn Seidman Becker said, “We believe that identity and security are integral to any financial platform and we are excited to expand our impact in the financial services industry with this partnership. CLEAR knows that you are always you and Public shares our core values of ensuring a secure, friction-free, and transparent experience at all levels of their platform.” Seidman Becker added, “We’re thrilled that soon our Members will be able to verify their identity for a faster and easier investing experience with a trusted community online.”
Additionally, Public co-CEO and co-founder Jannick Malling stated, “Public aims to be our members’ primary portfolio. We do this not only by enabling members to manage all assets in one place, but by giving them a magical experience along the way. The ability to open an account on Public in a minute or less not only creates growth for the business but also creates trust. CLEAR helps us achieve that.”
My thoughts:
First, I’ve been a CLEAR Plus customer for a few years now thanks to the credit that comes with my American Express Platinum card. In my experience, in tandem with TSA Precheck, the service has made sailing through airport security even faster. However, if I had to pay full price for the service — which is currently $189 per year — I don’t think it would be worth it seeing as I don’t use it more than a few times a year at most. On that note, if you do plan on signing up for CLEAR Plus and don’t already have TSA Precheck, I’d recommend checking out CLEAR’s new bundle where you can get 1 year of CLEAR Plus alongside 5 years of TSA Precheck for $199.95.
As for this Public/CLEAR partnership and offer, while it may be a little out of left field, I think it’s a win just because of the bonus that members can claim. The only disappointing part is that there’s currently no deal for people like me who already have CLEAR and Public (since the bonuses are limited to new Public customers). Perhaps that will change down the road and a Public customer discount could be installed, somewhat akin to how several airlines partner with CLEAR. In the meantime, if you don’t already have Public, then it may make sense to take advantage of this offer.
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