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Payroll and benefits fintech Catch shuts down

Payroll and benefits fintech Catch shuts down

Personal payroll and benefits fintech Catch is shutting down after admitting it is not the one to topple a "trillion dollar ecosystem".

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

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

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

Says a message on its site: "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."

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