Klover, a US-based paycheque advance start-up, has raised $60m in Series A funding round led by Mercato Partners Traverse Fund.

Several new and existing investors including Lightbank, Core Innovation Capital and Starting Line also participated in the round.

About Klover:

Based in Chicago, Klover provides its customers with access to earned wages instantly without charging interest.

Instead, the company leverages customers’ permissioned data to serve them with relevant advertisements.

Klover co-founder and CEO Brian Mandelbaum 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.”

The start-up is said to have recorded 1,600% revenue growth in the past twelve months.

Future plans:

Klover plans to utilise the new proceeds to bolster its sales, marketing, engineering and product teams.

The company will also work to expand its services and further increase its 1.5 million user base.

Quote:

Mercato Partners Traverse Fund director Joe Kaiser said: “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.”