Personal payroll and benefits fintech Catch announced the termination of operations.
The announcement of the end of the company’s existence came after the firm admitted that it did not have enough funds to overthrow the trillion-dollar ecosystem.
The Catch platform provides freelancers and the self-employed with tools with which to distribute income for taxes, retirement, savings, insurance, and other expenses. Over the past six years, this company has attracted investment funds in the amount of about $ 18 million. The firm has also obtained insurance licenses in 47 states and the District of Columbia.
But the current market conditions turned out to be more important and stronger than the funds available to the company. External realities actually annulled the internal resource of the firm.
The accounts of the company’s clients will be closed on April 6. In the near future, users will be instructed to withdraw all funds, balances, and investments on the platform before this deadline.
The message published on the company’s website says that 6 years ago this business started with the idea that benefits should not be tied to traditional employment and the W2 form. The company’s representatives acknowledged the excessive naivety and unjustified boldness of the belief that an ecosystem that costs a trillion dollars and was created by large corporations, the government, and traditional financial institutions may be overthrown by startups focused on innovative solutions.
The company’s employees also noted that the belief in the possibility of destroying the existing ecosystem is still alive, but currently, there are no forces and means to implement this plan.
Catch was founded in 2016 in the USA. The company’s executives are Andrew Ambrosino and Kristen Anderson.
As we have reported earlier, IBM and Maersk Shut Down Blockchain Logistic Platform.