Payroll and benefits start-up Catch shutting down
US-based payroll and benefits start-up Catch is shutting down, citing challenging market conditions.
Founded in 2017 and led by Andrew Ambrosino (president) and Kristen Anderson (CEO), Catch offers self-employed workers and freelancers access to health insurance, retirement plans, long-term investment savings, and tax withholding.
In an e-mail to customers, Catch says “Unfortunately, we aren’t able to continue operating in the current market and have made the difficult decision to shut down.”
Accounts will be closed on 6 April 2023, with customers instructed to withdraw all funds, balances and investments on the platform before that deadline.
Announcing its closing on its website, Catch says: “We were audacious enough to believe a trillion-dollar ecosystem built by corporations, the government, and our financial institutions over the last 75 years could be toppled by a start-up turning everything on its head.”
The firm raised $18.1 million across seven funding rounds from a total of 23 investors. Its latest funding was raised in July 2021 from a Series A round.