FinTech News
Wage Access FinTech Clair Partners with Payroll Platform Check
The FinTech Clair has revealed the latest expansion of its service via a new partnership.
About the partnership:
This week, the earned wage advance service Clair announced that it would be partnering with the payroll infrastructure company Check. As a result, the Clair platform will be available for employers using Check to opt into, giving their employees the ability to request funds ahead of their payday.
This partnership comes as demand for such services is on the rise. Citing PricewaterhouseCoopers data, Clair notes that 68% of employees took advantage of financial wellness services offered by employers in 2023 — which was up from 51% a decade earlier. Meanwhile, employers have also shown interest in adding tech to their payroll, with 58% naming this as a top area where payroll providers could improve.
Using Clair, employees can request up to $1,500 per pay period in advance of their pay date. After each shift worked, 50% of daily gross earnings are made available to employees as an advance. These funds can be used via the Clair debit card or transferred to an external bank account.
Currently, Clair is offered by more than 20,000 employers and has previously partnered with numerous payroll, scheduling, and other business platforms.
What they’re saying:
Commenting on the partnership with Clair, Check’s head of partnerships Kevin Hollingshead said, “As the needs of the modern workforce evolve, we’re constantly iterating on our products to provide experiences that employers need to future-proof their businesses. It’s clear to us that on-demand pay will only continue to grow in popularity. Clair is the innovator in this space, so it was a natural decision to partner to integrate their leading EWA solution into our partner offerings.” Hollingshead added, “We believe it will give our platforms a competitive edge in attracting and retaining the essential people who power their businesses.”
Clair co-founder and CEO stated, “By revolutionizing the way employers and HR platforms approach on-demand pay, we’re ushering in a new era of financial freedom and flexibility for workers… In partnership with Check, we’re ready to unlock new levels of satisfaction and productivity for companies that want to raise the bar on financial wellness benefits for their workforces.”
My thoughts:
Clair has been on the rise for quite a while. In fact, Fioney has covered three of their past funding rounds — including the $25 million equity and $150 million debt facility raised nearly a year ago. That success comes as no surprise to me as the platform’s premise is solid and the service is one that’s much needed for many workers.
As for this partnership, it’s clearly a great match and a win-win-win-win as it benefits Clair, Check, employers, and their employees alike.
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