In Ycombinators winter programme for startups, Catch was one of the exciting startups who has bagged $5.1 million deal. Health insurance, tax withholdings, retirement savings are sold by Catch to freelancers, contractors and anyone who is uncovered. Catch offers a safety net for future work. Kristen Tyrell, Catch’s cofounder has told that in order to stay competitive in the market they need to address the inequality and volatility.
Another cofounder Andrew Ambrosino has said that it has been quite hectic for setting up a benefit plan, one must become an expert in this field. Although Catch does all this works for their customers. Their highly competitive seed round closing has caught up eyes of several people and they have confirmed of raising $5.1 million to a post valuation of $20.5 million. This is called by Khosla Ventures, Kindred ventures, and NYPC partners. In Ycombinators programme Catch was the best startup to be funded before the arrival of demo day.
Catch provides several services with their own revenue earning way which includes health explorers, tax withholdings, Retirement savings and time Off savings. All these and other aspects are properly explained through their guide. Health explorer helps users to compare several insurers, calculate the subsidies to select the best. Catch collects a broker fee as a part of these from the insurance provider. In case of retirement savings, Catch Robo advisor is provided for users compatible with both IRA and Roth IRA. Tax withholding helps the user through FDIC insured Catch account and it saves the amount a user need to pay. Catch earns through interest on funds.
In 2019, Catch has planned to introduce Catch-branded student loan refinancing, vision and dental enrollment via existing providers. In the coming year, they are planning to introduce their own blended retirement plans and income smoothing tools.
Hopefully, Catch can introduce these initiatives to perform better in the future.