Clair, a leading fintech company known for its free Earned Wage Advances (EWA) through a national bank, has announced a pioneering partnership with Gusto, a prominent all-in-one HR, payroll, and benefits platform. This collaboration introduces a revolutionary On-Demand Pay feature embedded into Gusto Wallet, aiming to enhance financial wellness for employees and support businesses in attracting and retaining talent. This new product marks a significant step forward in the EWA industry, combining advanced technology and compliance to meet growing demand for financial benefits.
- A Groundbreaking Collaboration
- Innovative Product Launch: Clair’s new Embedded EWA product integrates directly into Gusto Wallet, allowing employees at over 300,000 businesses to access On-Demand Pay seamlessly.
- Meeting Employee Needs: With around 80% of employers planning to invest more in financial wellness benefits in 2024, this collaboration addresses the top-requested feature by Gusto Wallet users: EWA.
- Why Clair?
- Compliance and Technical Excellence: Clair was chosen by Gusto for its strong compliance framework and technical capabilities. Clair’s partnership with Pathward®, N.A. ensures that all advances are bank-issued and interest-free, providing a secure and reliable solution.
- Proven Track Record: Clair has successfully facilitated millions of dollars in EWAs each month through partnerships with various workforce management platforms.
- Dan Loomis, General Manager at Gusto: “We decided to add an on-demand pay offering to Gusto Wallet and knew it would be crucial to find the right partner to bring it to life in a seamless, compliant way. Clair stood out as our ideal partner, bringing the compliance framework and technical capabilities we needed.”
- On-Demand Pay Benefits
- Immediate Access to Earnings: Employees can view and access a portion of their paycheck each day directly through the Gusto Wallet app.
- No Credit Impact: The feature allows employees to access their earned wages without a credit pull, ensuring no impact on their credit scores.
- Automatic Repayment: Advances are automatically repaid from the employee’s next paycheck, simplifying the process for users.
- Additional Gusto Wallet Features
- Financial Tools: Gusto Wallet offers interest-bearing accounts with FDIC insurance, a debit card for purchases and ATM withdrawals, and budgeting and tax tools.
- Enhanced Financial Wellness: The integration of Clair’s EWA solution complements these features, creating a comprehensive financial wellness package for employees.
- Expanding Financial Wellness
- Support for Employers: As employers increasingly seek financial wellness benefits to attract and retain talent, this partnership provides a sophisticated EWA solution embedded within Gusto’s existing platform.
- Increasing Employee Prosperity: By offering flexible and accessible wage advances, Clair and Gusto are working together to improve financial stability and work productivity for employees.
- Nico Simko, Co-founder & CEO of Clair: “We’re honored to power Gusto Wallet’s On-Demand Pay feature, ensuring that Gusto members can access their earnings whenever they need to. Our goal is to enhance human capital management platforms and add value for their customers.”
The Clair and Gusto partnership represents a significant advancement in the EWA industry, setting a new standard for how financial wellness benefits can be delivered to employees. As this new feature rolls out to Gusto members, it promises to bring innovative solutions for financial stability and productivity to the forefront of the HR tech landscape.
