Nico Simko, the co-founder and CEO of Clair, is on a mission to change American workers' relationship with banking.
Simko's inspiration for Clair came from his own journey as an Argentinian-Swiss immigrant in the U.S. working hourly jobs. Having experienced the struggles firsthand, he founded Clair in 2019 to help workers gain access to their earnings fee-free as soon as they clock out.
So far, more than 80,000 workers use Clair's digital bank app as their primary banking relationship, and 70% of its customers are millennials and Gen Zers.
Simko, who has a background in leading M&A due diligence processes for J.P. Morgan's payments division, co-founded Clair with Alex Kostecki, who serves as chief revenue officer. The business model focuses on the well-being of their customers by forgoing charging fees and instead earning money from interchange when consumers swipe their Clair debit cards. Fintech estimates that it has helped customers save $6 million in fees.
In July 2023, the company launched Clair for Employers, which gives businesses that partner with it access to free financial wellness benefits for employees. It currently partners with more than 10,000 employers. Clair also added a new consumer lending program in conjunction with its bank partner, Pathward.
Under Simko's guidance, Clair has experienced extraordinary growth, increasing revenue tenfold in the last year, increasing its headcount to 50 and securing $25 million in venture capital funding. Overall, the company has raised $45 million in VC funding.
Simko is also an active advocate for clear regulations and policies for companies working in the earned wage access space. His dedication to promoting consumer protection and transparency in the fintech industry has earned him respect as a leading figure in the financial services sector. Beyond his professional achievements, Simko is continuously engaged in the fintech community, sharing his insights at industry events and contributing to discussions on the future of finance.
