Personal payroll and benefits fintech Catch is shutting down, acknowledging that it is not the entity to disrupt a “trillion dollar ecosystem.”
The Catch platform was designed to assist freelancers and the self-employed in managing their income for taxes, retirement, savings, insurance, and other expenses. Over the past six years, the company raised approximately $18 million in funding and obtained insurance licenses in 47 states and the District of Columbia.
However, due to “current market conditions,” the company has announced its closure. A statement on its website reads: “We started building 6 years ago with a crazy idea that our benefits shouldn’t be tied to traditional employment and a W2 form. 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 startup turning everything on its head. Today? We still believe that. We just have to admit that we aren’t the ones to do it right now. We have made the difficult decision to shut Catch down.”