Nico Simko of Clair on a different approach to earned wage access

I have made no secret of my affection for earned wage access (EWA) as a product. It has been growing rapidly, particularly the last couple of years, as more consumers realize what a great tool it is. There have been several different approaches to implementing EWA from the major players in the space but no one has approached it the same way as Clair.My next guest on the Fintech One-on-One podcast is Nico Simko, the CEO and Founder of Clair. While operating in a space without regulatory clarity, Clair has taken the most conservative approach. It also happens to be the approach with the most regulatory work to implement. It is somewhat controversial in EWA circles: considering these advances to be a loan.In this podcast you will learn:How Uber Money gave Nico the idea for the founding of Clair.The wedge he built that differentiated Clair from the start.How their product works from an employee experience.How they are able to get the workforce management apps involved.The maximum that employees are able to advance each pay period.Clair’s approach towards the regulatory uncertainty in the EWA space.Why they decided to create the legal structure to make their product a loan.Nico’s thoughts on the EWA bill that is working through Congress right now.Why they chose Pathward as their partner bank.What it will look like in ten years time for workers’ access to their wages.Some simple ideas that Nico is thinking about for better products for workers.What Clair is focused on the next 12-18 months.Connect with Nico on LinkedInConnect with Clair on LinkedInConnect with Fintech One-on-One:Tweet me @PeterRentonConnect with me on LinkedInFind previous Fintech One-on-One episodes