Klover raises $60 mn in the new Series A funding round

By Joy Dumasia

Klover, democratizing access to modern financial services by leveraging consumers’ permissioned data, announced the close of $60 million in new funding. Mercato Partners Traverse Fund led the Series A with new and existing investors, including Lightbank, Core Innovation Capital and Starting Line.

Klover will expand the sales, marketing, engineering and product teams aggressively, grow their 1.5 million user base, and broaden the services and value to their consumers. Klover provides access to app-based, low-cost/no-cost financial services by letting users capture the benefit of their permissioned data rather than having it taken by anonymous tech firms.

Rather than being built on consumer fees like many financial institutions, Klover’s business model revolves around leveraging data and insights with trusted partners such as Wayfair, DoorDash and GoodRx. Klover has grown revenue by over 1,600 per cent in the past twelve months and plans to expand its team from 30 to 60 by the end of this year.

Brian Mandelbaum, CEO and co-founder of Klover, said: “We believe consumers’ data is an extremely valuable asset and should be used to their benefit. We provide consumer empowerment by allowing Americans to opt to share data and unlock meaningful access to cash and savings in return.”

Joe Kaiser, Director at Mercato Partners Traverse Fund, commented: “In this rapidly changing environment, permissioned consumer data is critically valuable to agencies and brands. Klover has flipped an opaque business model on its head with their unique blend of consumer data activation and app-based financial services for an underserved community. Klover is an ideal partner for the consumer because of their rigorous commitment to data privacy and little to no fees.”

Klover’s mission is to give consumers access to modern financial services by leveraging their most valuable asset: their data. Using Klover’s platform, millions of consumers can access their earned wages in seconds with no interest, no credit check and no hidden fees.