FinTech Klover reels in $60m from Mercato-led Series A

US firm Klover has raised $60m from a Series A funding round led by Mercato Partners Traverse Fund.

The round also participation from Lightbank, Starting Line and Core Innovation Capital.

Founded in 2019, Klover offers its users access to low-cost/no-cost financial services by enabling users to capture the benefit of their permissioned data rather than having it taken by anonymous technology firms.

Through its platform, consumers can access their wages in seconds with no hidden fees, credit checks or interest

Klover claims its revenue has grown by over 1600% over the past year and it plans to expand its team from 30 to 60 employees by the end of 2021.

According to Klover, it intends to use the newly raised capital to expand the sales, marketing, engineering and product teams as well as grow its 1.5 million user base as well as broadening its services and value to its customers.

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