US FinTech Clair has partnered with sponsor bank MetaBank and payments processor Galileo to bolster user accessibility on its platform.
Launched in 2019, Clair is a ‘social impact-embedded’ FinTech startup Clair is a social fintech that provides instant pay access as a service for human capital management and gig platforms to allow workers to get paid faster.
MetaBank is a leading sponsor bank to a wide range of customers including challenger banks and FinTechs and is used as both the issuing bank and bank services provider. Meanwhile, Galileo provides seamless payment processing that allows FinTech companies to focus more on customer experience.
According to Clair, the MetaBank partnership will offer Clair’s users with access to fully-featured digital banking services, including Federal Deposit Insurance Corporation-insured deposit accounts with no monthly, inactivity and overdraft fees. The company added its users will benefit from automated digital tools that can aid them in creating better saving habits and financial planning.
Clair users will additionally be able to use their Clair Debit Mastercard to make free withdrawals at over 55,000 US ATM’s as well as make purchases from over eight million retailers. The ability to use a Mastercard debit card follows Clair’s recent strategic partnership with Mastercard, a deal that will enable hourly workers to receive instant no-fee advances on their earnings and access their money at ATMs with the card.
The Galileo partnership will enable Clair users to use its partner’s payment technologies to bring products to market as well as delivering services that are in demand with workforce management.
Clair claims MetaBank, Galileo and Mastercard are the ‘three pillars’ that enable its on-demand payment business model. This, the company claims, is a model that allows workers to escape the debt trap and avoid payday loans by accessing instantly no-cost wage advances based on the hours they’ve worked.
Claire CEO Nico Simko said, “The fintech sector as we know it today simply wouldn’t exist without the kind of infrastructure that Galileo and MetaBank provide. By making it possible for hourly workers to access cash via their Clair Debit Mastercard, these partnerships will help countless US workers access their earnings without paying fees or taking on debt, empower them to make smarter financial decisions, and ultimately make the United States a more inclusive place for everyone.”
Galileo CEO Clay Wilkes added, “Galileo was founded with a focus on financial inclusion, and we’re always looking to partner with innovators that share our commitment to digital transformation. By making payment processing effortless, we’re enabling Clair to keep doing what it does best — bringing frictionless, high-quality financial services to America’s workforce.”
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