Klover Receives $60 mln in Series A Round

By Nicholas Say Nicholas Say has been verified by Muck Rack's editorial team
Published on August 18, 2021

Data permissioning firm Klover reported it raised $60 million in a Series A fundraising round which was led by Mercato Partners Traverse Fund.

The round counted the participation of new and existing investors such as Lightbank, Core Innovation Capital and Start Line.

By leveraging user data, Klover is democratizing access to modern financial services.

Klover will use this new investment to scale its sales, marketing, and engineering teams, and hopes to grow its base to approximately 1.5 million users. The company also wants to optimize its services for users.

Instead of having other anonymous tech companies take advantage of users’ data, Klover will provide access to financial services on the app and reduce costs by letting the users capture all the benefits from their data.

At present, the reduction in access costs that Klover uses means access from millions of underbanked consumers can have access to financial services and instruments they were previously unable to use.

Founded by a group of ad tech veterans, Klover thinks that user data is a valuable asset, and should benefit a data creator in every way possible.

Statistically, because of expenses that include car repairs and medical bills, at least once a year, more than 68% of Americans overdraw their checking account.

As a result, they incur an average overdraft fee of $35 from the bank or possibly high interest or fees from lenders and credit card companies.

Therefore, Klover has come up with an effective approach to save consumers from unnecessary fees that add up to millions across the industry as a whole.

Director at Mercato Partners Traverse Fund, Joe Kaiser said that user data is valuable and important for brands and agencies, especially in today’s ever-changing consumer environment.

Unlike using consumer fees to build a business model like other organizations, Klover focuses on leveraging data and information with reputable partners such as Wayfair, DoorDash and GoodRx.

In addition, in the past 12 months, this company’s revenue has increased by more than 1,600%. Also, Klover plans to expand its staff to 60 people by the end of this year.

By Nicholas Say Nicholas Say has been verified by Muck Rack's editorial team

Nicholas Ross Say is a news desk editor at Grit Daily. An award-winning journalist, he covers the daily startup beat. He grew up in Ann Arbor, Michigan and has lived in South America and South East Asia. At present, Nicholas lives in Southern Vietnam where the Sun shines, and the noodles flow like wine. He's written for Blockonomi and Coin Journal, among others.

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