[US] Payroll and benefits fintech Catch calls it a day

[US] Payroll and benefits fintech Catch calls it a day
09 Mar 2023

In the US, the personal payroll and benefits fintech Catch is shutting down after acknowledging it will not be the one to topple a "trillion dollar ecosystem", Finextra reports.

The Catch platform helps freelancers and the self-employed divide their income for taxes, retirement, savings, insurance and other costs.

Over the last six years, the fintech has reportedly raised about $18 million in funding and secured insurance licenses in 47 states and the District of Columbia.

However, the company now says that it is shutting up shop citing the "current market conditions".

A message on the Catch site reads, "We started building 6 years ago with a crazy idea that our benefits shouldn’t be tied to traditional employment and a W2 form.

"We were audacious enough to believe a trillion-dollar ecosystem built by corporations, the government, and our financial institutions over the last 75 years could be toppled by a startup turning everything on its head.

"Today? We still believe that. We just have to admit that we aren’t the ones to do it right now. We have made the difficult decision to shut Catch down."


Source: Finextra

(Quotes via original reporting)

In the US, the personal payroll and benefits fintech Catch is shutting down after acknowledging it will not be the one to topple a "trillion dollar ecosystem", Finextra reports.

The Catch platform helps freelancers and the self-employed divide their income for taxes, retirement, savings, insurance and other costs.

Over the last six years, the fintech has reportedly raised about $18 million in funding and secured insurance licenses in 47 states and the District of Columbia.

However, the company now says that it is shutting up shop citing the "current market conditions".

A message on the Catch site reads, "We started building 6 years ago with a crazy idea that our benefits shouldn’t be tied to traditional employment and a W2 form.

"We were audacious enough to believe a trillion-dollar ecosystem built by corporations, the government, and our financial institutions over the last 75 years could be toppled by a startup turning everything on its head.

"Today? We still believe that. We just have to admit that we aren’t the ones to do it right now. We have made the difficult decision to shut Catch down."


Source: Finextra

(Quotes via original reporting)