Renewed agreement enables Pathward to continue originating advances offered through Clair’s embedded financial technology platform.
SIOUX FALLS, S.D.--(BUSINESS WIRE)--Pathward Financial, Inc. (Nasdaq: CASH) through its subsidiary, Pathward®, N.A., (“Pathward”) a national bank focused on expanding financial access through payments and lending solutions, announced an extension of its partnership with Clair, an embedded financial technology company providing earned wage advances through payroll and workforce platforms. Under the renewed agreement, Pathward will continue originating advances offered through Clair’s platform, helping workers access eligible earned wages before payday.
“Clair has built an embedded solution that gives workers greater choice in when they access their earnings,” said Pathward’s Chief Customer Officer Will Sowell. “Extending our partnership reflects our shared commitment to responsible innovation and expands the reach of a solution designed to improve financial access. We look forward to continuing to provide the banking and lending infrastructure that supports Clair’s growth.”
Clair embeds earned wage advance solutions into payroll and workforce platforms, giving eligible workers access to a portion of their earned wages before payday. For employers, the solution can provide a financial wellness benefit without requiring changes to existing payroll processes and without an employer fee. Through the partnership, Pathward provides the lending infrastructure and originates the earned wage advances offered through Clair’s platform. According to Clair, its platform has reached a $2 billion wage advance volume run rate, 500,000 monthly active users, and more than 300,000 active businesses.
“Our partnership with Pathward has been central to building an experience that can scale responsibly across payroll and workforce platforms,” said Clair CEO and Founder Nico Simko. “This extension allows us to continue expanding access to earned wages through the technology workers already use.”
Learn about Pathward’s credit sponsorship capabilities.
About Pathward Financial, Inc.
Pathward Financial, Inc. (Nasdaq: CASH) is a U.S.-based financial holding company driven by its purpose to power financial inclusion. Through our subsidiary, Pathward®, N.A., we strive to increase financial availability, choice and opportunity through payments sponsorship and lending. These capabilities provide support to individuals and businesses. Learn more at pathwardfinancial.com.
About Clair
Clair is a leading provider of embedded Earned Wage Access (EWA), empowering workforce management and payroll platforms to offer early access to earned wages to employees at no cost to employers. Supported by its partnership with FDIC-insured national bank Pathward, N.A., Clair has 300,000 active businesses on the platform across 41 different industries, increasing retention and financial wellness amid front-line worker shortages. Based in New York, Clair has a team of 78 full-time employees and has raised $69.2M in funding from investors including Thrive Capital, Upfront Ventures, Kairos HQ, and Founder Collective. For more information, visit getclair.com.
Contacts
Media contact:
Courtney Heidelberg
605.291.7044
mediarelations@pathward.com
Investor Relations contact:
Darby Schoenfeld, CPA
SVP, Chief of Staff & Investor Relations
877.497.7497
investorrelations@pathward.com
