August 13, 2021
“When searching for a partner to increase our tremendous trajectory, Mercato’s Traverse Fund has demonstrated an exemplary record of working in concert with hyper-growth companies to accelerate faster. We are excited to have Joe join our board and to partner with a team that has a great deal of experience working with high-growth companies like ours. We plan on trail-blazing a new category, changing the marketplace and we look forward to the collaboration with Mercato.”
– Brian Mandelbaum, CEO and co-founder
Klover’s mission is to give consumers access to modern financial services by leveraging one of their most valuable assets: their data. Rather than being built on consumer fees like many financial institutions, Klover’s business model revolves around leveraging data and insights with trusted partners such as Wayfair, DoorDash, and GoodRx.
“There is an undeniable, rapid change in the fabric of our society. Digital native consumers understand the value of their consumer data,” said Joe Kaiser, director at Mercato Partners Traverse Fund. “At the same time, too many consumers are locked out of affordable financial solutions. Klover has flipped an outdated business model on its head with its unique blend of consumer data activation and app-based financial services for an underserved community. Klover is an ideal partner for the consumer because of their rigorous commitment to data privacy and little to no fees.”
More than 68 percent of Americans need to exceed their checking account balance at least once a year due to unexpected expenses like car repairs or medical bills. When that happens, many Americans experience a double whammy as they also incur either an overdraft fee of $35 (on average) from their bank or high interest and fees from credit card companies and payday lenders. Klover’s unique approach has saved consumers millions of dollars in unnecessary fees during the past eighteen months, helping them regain their financial health.