Clair announced a $15 million Series A round of venture capital for its on demand pay app. This brings its total raised to $19.6 million.
On demand pay has been emerging for years. Most platform HCM/payroll providers have a native offering or have integrated an existing solution into their offerings. ADP, Ceridian, Paychex, and most all of the “pays” have on demand pay offerings. Independent tech providers like Wagestream, Hastee, DailyPay and others have raised hundreds of millions in capital as they brought product to market. So, it’s interesting to see a new provider enter the market with messaging that is based in educating the market on what on demand pay is and integrating their offering into HR suites.
$2.7 billion was invested globally in work tech startups during Q1 2021 alone. Subscribe to WorkTech to get the latest updates on recruiting and HR tech trends and global work tech VC investments.
Source: Can payday loans be made obsolete? With $15M more, Clair wants to find out