Instead of waiting until you file your taxes to receive your refund, a Chicago startup will now let you access your money year-round, giving Americans a monthly paycheck boost instead of a one-time annual deposit.
Klover announced Tuesday that it's offering a new feature that lets users get access to their future refunds today through its app.
By turning tax refunds into monthly payments spread throughout the year, the company says it can help users from needing to take out loans and high-interest credit cards to pay off monthly expenses.
The feature is launching in partnership with Column Tax, a personal income tax software company that creates APIs for mobile banks and other fintech companies offer tax products to account holders.
It's the latest offering from Klover, a startup that was founded in 2019 that offers interest-free loans in exchange for data on your spending history.
The startup asks for access to your bank transactions and serves you ads from brands based on how you spend. Klover, which says it doesn't share or sell personal or identifiable information, works with brands like Wayfair, DoorDash and GoodRx, serving users ads based on their financial habits.
The Chicago startup, led by CEO Brian Mandelbaum, raised $60 million earlier this year. It expects to be at 60 employees by the end of the year, up from 30 in August.
