Today, Clearbanc launches a new type of banking service for the millions of self-employed Americans. Its first product is a service for Uber drivers that allows them to get paid instantly instead of waiting up to 10 days.
With Clearbanc, Uber drivers receive a Visa debit card, where the money they make is deposited instantly so they get paid every time they drive. Drivers are joining Clearbanc's platform every day and hundreds more are on the waitlist.
"It's time for banks to catch up to today's reality," said Andrew D'Souza, founder of Clearbanc. "Over 50 million Americans are choosing self-employment, but traditional banks and financial service providers haven't been able to adapt to this cultural and economic shift. We're building a new bank for freelancers, self-employed professionals and on-demand workers to help them take control of their finances and make more money, faster."
Every Uber driver who signs up with Clearbanc receives a seven-day trial period free of charge. After that, the cost is $2 for each day that Clearbanc deposits funds into the driver's account. Drivers are only charged for the days they work and they can cancel anytime.
Uber drivers are just the beginning. Clearbanc is already working on ways to expand its service to other freelancers and self-employed professionals facing similar financial challenges: unstable cash flow, tax planning, variable income, and limited borrowing options. In addition to providing clients with instant pay, Clearbanc will also provide suggestions on how clients can earn more income to meet their financial goals and save money on taxes.
With this announcement, Clearbanc is the first YCombinator Fellowship company to unveil its work publicly. Accepted into the program this year, Clearbanc is one of 33 startups, selected from over 6,500 applicants, who are receiving mentorship and support from YCombinator in its newest program.