Partnership promotes financial inclusivity and wellness with no-fee earned wage advance.
Clair, a social impact embedded fintech startup transforming how America’s 82 million hourly workers and 57 million gig workers get paid, today announced new partnerships with nationally-chartered MetaBank®, N.A., a subsidiary of Meta Financial Group Inc.® (Nasdaq: CASH) and API-based payment processor Galileo, two firms known for providing the vital infrastructure that powers the global fintech revolution.
The news follows Clair’s recent announcement of a strategic partnership with Mastercard to enable hourly workers to receive instant no-fee advances on their earnings and to easily access their money at ATMs or in-store using a Mastercard debit card.
Together, MetaBank, Galileo, and Mastercard are the three pillars that enable Clair’s unique on-demand payment business model - a model which allows workers to escape the debt trap and avoid payday loans by instantly accessing no-cost wage advances based on the hours they’ve worked.
Clair will team up with MetaBank, a leading sponsor bank to a range of customers including fintech and “challenger bank” brands, as both the issuing bank and bank services provider. The partnership will provide Clair users with access to fully featured digital banking services, including FDIC-insured deposit accounts with no monthly fees, inactivity fees, or overdraft.
Clair users will further benefit from automated digital tools that support better saving habits and financial planning, as well as use their Clair Debit Mastercard® to make free withdrawals at over 55,000 U.S. ATMs or make purchases from more than 8 million retailers.
As the API payment processor for world-leading fintech brands, Galileo delivers hassle-free payment processing that enables fintech innovators to stay focused on delivering amazing customer experiences. Galileo’s best-in-class payment technologies will give Clair the ability to bring products to market with the ultimate in both reliability and scalability, all while delivering the powerful, feature-rich services that workforce management and HR tech customers demand.
“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,” said Clay Wilkes, CEO at Galileo.
“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.” “As a financial enablement company, MetaBank works to increase financial availability, choice, and opportunity for all,” said Brett Pharr, Co-President and Chief Operating Officer at MetaBank. “We’re passionate about delivering financial inclusion for all, and we’re delighted to be supporting Clair’s mission to provide hourly workers easy access to the financial services they need.”
“The fintech sector as we know it today simply wouldn’t exist without the kind of infrastructure that Galileo and MetaBank provide,” said Nico Simko, CEO at Clair.
“By making it possible for hourly workers to access cash via their Clair Debit Mastercard, these partnerships will help countless U.S. 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.”
Click here to read the full release on the news wire.
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