Payroll and benefits start-up Catch shutting down
US-based payroll and benefits start-up Catch is shutting down, citing challenging market conditions.
As of next month, Catch is no more
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.
