Catch and BBVA

Catch wanted to scale a business with new products for the modern workforce, built on embedded banking and payments tech.

What is Catch?

Catch is a personal benefits platform for the rapidly growing number of workers in the U.S. who do not receive benefits from an employer. It offers freelancers, gig workers, hourly workers, part-time workers and tip workers the opportunity to calculate and set aside a percentage of each paycheck to pay taxes, to take time off work, to save for retirement, and to access health insurance, all in one place.

Catch believes that the freedom to work how you want should be met with financial security, confidence and the freedom to take risks. It wants to offer a stable footing for everyone, regardless of their circumstances.

How does Catch work with BBVA?

When Catch was planning the roll out of its first two products, Tax Withholding and Time Off, it had already developed its own easy-to-use tools to allow customers to calculate how much to save. What it needed was a provider to pull those funds from each customer’s account, hold the funds, and assist Catch with the Know Your Customer (KYC) process. Catch briefly considered partnering with a tech startup that offers banking and payments APIs, but wanted to work with a team possessing deep knowledge and expertise in the U.S. banking system. It chose to work with BBVA because it offered a strong suite of APIs and sat within a top-ranked, regulated banking entity, BBVA USA.

At the end of 2017, Catch started meeting weekly with BBVA compliance and integration teams. By August 2018, it had begun a pilot of its Tax Withholding and Time Off products, using BBVA Accounts, Identity Verification and Move Money APIs. In January 2019, Catch added its Retirement product to its platform. All of these products are now live and available to anyone.

Catch’s launch has been a resounding success. Today, Catch’s customers set aside an average of 27% of each paycheck using its platform and Catch’s total liquid customer balances have grown over 4000%. BBVA supports Catch’s growing customer base with a dedicated integration and support team for Catch to provide ongoing customer support. Catch still meets weekly with BBVA integration and compliance teams, which it considers an invaluable part of the relationship. Catch is considering using more of BBVA services, such as real-time payments* and bill pay, to meet its customers’ evolving needs as it continues to grow.

*Actual fund availability varies by financial institution and region.

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BBVA team is knowledgeable about the product and banking. They educate clients about what it takes to launch a successful fintech. That’s exceptionally valuable. I’m now an expert because BBVA are experts.

Kristen Tyrrell

Founder and CEO of Catch

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