Full-Time
Clair
51-200 employees
Provides fee-free early wage access service
Compensation Overview
$225k - $250k/yr
Senior, Expert
New York, NY, USA
You will be expected to come into the office at least three days a week (Tuesdays, Wednesdays, & Thursdays) with additional days on occasion for vendor and delivery management.
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- 6-8 + years of combined experience at a top-tier law firm and/or in-house legal department, with a focus on regulatory compliance, federal preemption issues, fintech counseling, consumer protection and data privacy matters
- Experience providing product counseling for technology companies, digital lending, wallets or payments systems, alternative payments, BNPL, or other similar consumer financial services
- Understanding of federal and state laws related to consumer privacy and data use
- Deep understanding of the regulatory landscape for consumer credit products and services; including TILA/Reg. Z, UDAAP, ECOA/Reg. B, FCRA/Reg. V, EFTA/Reg. E, payday lending, short-term lending, and similarly applicable state laws
- Experience working with US financial services regulators (state or federal)
- Persistence, drive, and a goal-focused mindset as you own projects from initiation to completion
- Strong attention to detail and ability to effectively prioritize tasks within a fast-paced environment
- JD from a top law school and member in good standing of a US state bar.
- Provide comprehensive first-line legal support for initiatives related to Clair’s consumer credit products and services, advising on legal and regulatory issues relating to consumer finance, data privacy, payments, and other relevant areas
- Work cross-functionally to coordinate legal advice and drive optimal outcomes for the business
- Serve as a legal thought partner to product, design, marketing, engineering and data teams, ensuring that consumer protection, licensing requirements, and privacy considerations are integrated into new initiatives from the outset
- Build out Legal & Compliance team to support all commercial and regulatory compliance needs, driving hiring, onboarding and day-to-day management of the existing and future team members
- Draft and negotiate agreements and terms to support strategic partnerships with fintech partners and third-party providers
- Guide the business by navigating the regulatory landscape for Clair’s consumer credit products. Provide legal advice on product design and strategy and proactively identify risks and recommend mitigation strategies
- Be an advisor to the company and a critical part of the growth of the company. As we grow and succeed, you will help scale the development of our legal department and the entire company.
Clair provides a service that allows employees to access their earned wages before the traditional payday, without any fees or interest. This service is especially useful for hourly workers and gig economy employees who may need immediate access to their earnings for unexpected expenses. Clair partners with employers to integrate its service into existing HR and payroll systems, allowing employees to access their wages through a platform that includes a virtual or physical debit card. Unlike many competitors, Clair does not charge fees or interest for its wage advance service, making it an attractive option for both employers and employees. The goal of Clair is to enhance financial wellness and improve workplace satisfaction by offering a no-cost solution for early wage access.
Company Size
51-200
Company Stage
Early VC
Total Funding
$195.1M
Headquarters
New York City, New York
Founded
2019
Simplify's Take
What believers are saying
- Clair secured $175 million in funding to expand its services.
- Partnerships with gig economy platforms can increase Clair's user base.
- Clair's focus on financial wellness aligns with current employee benefit trends.
What critics are saying
- Regulatory changes in states like Wisconsin may increase compliance costs.
- Increased competition from TriNet could attract SMBs away from Clair.
- Consumer lending programs may expose Clair to credit risk and scrutiny.
What makes Clair unique
- Clair offers a no-fee, no-interest earned wage access service.
- Clair integrates seamlessly with existing HR and payroll systems.
- Clair's business model focuses on merchant partnerships, not employee fees.
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Benefits
Health Insurance
Dental Insurance
Vision Insurance
Life Insurance
Disability Insurance
Health Savings Account/Flexible Spending Account
Unlimited Paid Time Off
Paid Vacation
Hybrid Work Options
401(k) Retirement Plan
401(k) Company Match
Parental Leave
Growth & Insights and Company News
6 month growth
↑ 4%1 year growth
↑ 1%2 year growth
↑ 1%Updates Announced at the SHRM 2024 Annual ConferenceCHICAGO, June 25, 2024 /PRNewswire/ -- TriNet (NYSE: TNET), a leading provider of comprehensive human resources solutions for small and medium-size businesses (SMBs), announced a series of new product enhancements, capabilities and strategic partners designed to meet the needs of its customers in today's ever-evolving business environment. These announcements were made today in Chicago at the Society for Human Resource Management (SHRM) Annual Conference and Expo 2024.TriNet has announced a series of new product enhancements, capabilities and strategic partners designed to meet the ever-evolving needs of small and medium-size businesses."SMBs rely on solutions that allow them to adapt and remain agile without sacrificing the time and energy they should be investing in growing their businesses," said TriNet Chief Product Officer, Lisa Reeves. "TriNet's product updates, which include additional integrated partners for managing a global workforce, on-the-go payroll through our mobile app, and access to a curated marketplace of business solutions, empower our customers to execute with convenience and speed while also assembling talent from around the world."TriNet's announced marketplace and product enhancements include the following:Marketplace: Through TriNet's thoughtfully curated network of solutions for SMBs, customers can confidently and conveniently find solutions to their ever-changing needs.This update will provide:A reputable network of solutions for confident decision-making, in a convenient online platform. Easily sort from a range of categories: HR, finance, talent acquisition, recruiting, global workforce, expense, security and more.Preferred pricing on a number of solutions that translates into potential cost savings for its customers.Prebuilt integrations that connect and sync data across select applications for greater security, accuracy and efficiency. Additionally, its customers can conveniently access single sign-on to select integrated apps.Global Workforce: TriNet is partnering with leading global employment platforms Oyster (now live) and Multiplier (coming soon) to support the international growth of its customers. The collaboration will include prebuilt integrations allowing customers to visualize and track their full workforce, US and international, from TriNet's PEO platform and with global employment platform partners, provide the ability to:Onboard and pay global workers quickly.Navigate international employment-related rules and requirements.Access local employee benefits to attract top talent.Mobile app, payroll run approval: New mobile app feature will allow administrators to review and approve payroll runs while on the go
As Wisconsin becomes the latest state to regulate Earned Wage Access (EWA) services, we connected with Nico Simko, founder and CEO of on-demand pay app Clair, to discuss the ever-changing EWA landscape, the impact of local state government’s efforts to protect consumers, and more.Nico Simko from Clair is often in DC meeting with legislators and has a lot of expertise and experience related to EWA / fintech regulation.Our discussion with Nico is shared below.Crowdfund Insider: How does Clair differ from other earned wage access providers in the space?Nico Simko: Clair’s differentiator from other earned wage access (EWA) providers is its business model. When my co-founder Alex and I were conceptualizing how Clair would serve employers and their workforces, we wanted to make sure to go about it differently from other on-demand pay providers who charge fees to employees looking to access their earned wages.To us, that’s money they’ve already earned and employees shouldn’t have to pay to access it. Fee-based models create a cycle where EWA providers encourage more borrowing because they’ll earn more money, and this ultimately puts employees in tough financial situations. Clair does not earn revenue when employees borrow, but instead makes money from merchants through interchange when customers spend on their Clair Debit Mastercards.Clair has made incorporating compliance into its business model a priority. Most customers borrowing from EWA providers are often doing so for an emergency expense that they cannot afford. If they are unable to afford the initial expense, it’s easy for them to fall into toxic debt cycles when there are fees stacked against it.Since Clair does not charge fees, we are incentivized to help customers save and spend responsibly
New York-based fintech start-up Clair has secured $25 million in equity funding to fuel the growth of its consumer on-demand pay solution backed by Pathward, an FDIC-insured bank.
Clair, a fintech company that previously launched a free earned-wage advance service for frontline workers, has introduced a new tool to assist workers in receiving payment after completing a shift.
In addition, Clair has announced a consumer lending program in partnership with Pathward, where $150 million will be allocated.