Fintech Revealed: Earned Wage Access with Clair and Gusto

Welcome back to the occasional series on the podcast called Fintech Revealed. This is a sponsored show where we take a deep dive on one topic with a couple of industry experts.Today, we have Nico Simko, CEO and Co-Founder of Clair and Dan Loomis, the General Manager and Head of Product for the Money Group at Gusto. The topic we are doing a deep dive in today is Earned Wage Access (EWA) - one of my favorite fintech innovations of the last decade. We cover a great deal of territory on this show as we delve into embedded finance and the evolution of EWA (for reference I interviewed Nico on the show last year). In this podcast you will learn:Why Clair focuses on being embedded with HR and payroll companies instead of going direct to consumer or direct to employers.What piqued the interest of Gusto to offer EWA.What was involved in getting Clair up and running at Gusto.The two pieces that had to be in place at Clair to be able to embed their tech at Gusto.What employees are using EWA for at Gusto.How EWA is presented to employees in the Gusto app.How Clair worked with Gusto to determine how exactly to integrate EWA into their wallet.How the roll out has been going.What Gusto users are telling them about EWA.How fast a user can get money to their card if they have never used EWA before.Why Clair took the regulatory approach of treating EWA as a loan.What resistance, if any, employers have to offering EWA.What is stopping more payroll companies from signing up for EWA.Some of the limitations of the direct to consumer EWA model.What it is going to take for EWA to become ubiquitous.Connect with Fintech One-on-One:Tweet me @PeterRentonConnect with me on LinkedInFind previous Fintech One-on-One episodes