CLEAR and Public Announce Partnership to Deliver Secure, Transparent, and Frictionless Investing to Consumers
CLEAR (NYSE: YOU) and Public have announced a partnership aimed at streamlining the identity verification process for opening investment accounts. CLEAR, a secure identity company with over 22 million users, extends its expertise from aviation and healthcare into financial services with this collaboration. Public, an investment platform for various asset types, will offer faster and easier account setup through CLEAR's verification system. Additionally, CLEAR Plus Members will receive $100 credit and regular CLEAR Members will receive $50 credit in their Public accounts. The move aims to enhance security, transparency, and ease of investing for millions of consumers.
- Partnership leverages CLEAR's secure identity verification to streamline opening investment accounts.
- CLEAR has over 22 million users, indicating a broad user base and trust in the service.
- Public offers investment options across stocks, ETFs, crypto, options, bonds, and high-yield cash.
- CLEAR Plus Members receive $100 credit in their Public accounts, creating an incentive to use the service.
- CLEAR Members receive $50 credit in their Public accounts, encouraging adoption.
- Public aims to become the primary investment account for millions, broadening its market reach.
- Partnership enhances transparency and security in the financial services industry.
- No specific financial data provided to quantify the business impact of the partnership.
- Potential dilution of focus for CLEAR as it expands from its core industries into financial services.
Insights
The partnership between Clear and Public is a strategic move aimed at leveraging Clear's expertise in secure identity verification to streamline the account-opening process on Public's investment platform. With over 22 million users, Clear's integration into Public promises to enhance user experience by reducing the time and effort required for identity verification, a critical step in compliance with financial regulations.
From a financial perspective, this alliance could potentially increase the user base of Public by offering enhanced convenience and security, which are significant factors for investor confidence. Public's offer of $100 and $50 credits to Clear Plus and Clear members respectively will likely attract new users to its platform. This initiative could translate into higher account openings and greater activity on Public's platform, boosting its revenue streams through increased trading volume and associated fees. However, it's essential to consider the cost implications of these incentives on Public's financials and whether the increased user acquisition will offset these promotional expenses in the long run.
Investors should keep an eye on how quickly Public can realize these growth projections and whether the partnership results in sustained user engagement and retention, which are important for long-term profitability.
Integrating Clear's identity verification into Public's account setup process addresses regulatory requirements for Know Your Customer (KYC) and Anti-Money Laundering (AML) compliance. These regulations mandate stringent identity verification to prevent fraud and illicit activities. Clear's established reputation and experience in highly regulated sectors like aviation and healthcare suggest a robust and reliable solution.
The legal implications for Public are positive, as this partnership potentially reduces the risk of non-compliance penalties and enhances the platform's overall security posture. By ensuring that identity verification is both secure and frictionless, Public can mitigate legal risks associated with identity fraud and bolster investor trust, which is essential in the financial services industry.
Nonetheless, both companies must continuously monitor and adapt to evolving regulatory landscapes to maintain compliance and uphold their commitment to security and transparency.
This partnership is positioned to capitalize on current market trends where convenience and security are paramount for digital financial services. With increasing concerns over data breaches and identity theft, consumers are more inclined to choose platforms that prioritize these aspects. Clear's embedded user base of 22 million and its experience in secure identity verification provide a competitive edge in attracting security-conscious investors to Public.
The $100 and $50 incentives for Clear Plus and Clear members respectively are strategic marketing moves designed to quickly onboard a significant number of users. While initial user acquisition is likely to spike, the true measure of success will depend on user retention and ongoing engagement with Public's platform. The effectiveness of AI-powered tools like Alpha in providing valuable market insights could play a important role in maintaining user interest and loyalty.
Overall, this partnership aligns well with market demands for secure, seamless and integrated financial services, positioning both Clear and Public favorably in the competitive landscape.
Public investors will now be able to verify their identity with CLEAR when opening a brokerage account for a faster and easier investing experience
CLEAR members will receive credit in their Public account to invest
Public aims to be the primary investment account for millions of investors nationwide, where investors can get broader market insights on the platform through its robust data and tools and AI-powered research assistant Alpha. Being a trusted investment platform by millions, Public removes the friction of investing in asset classes like stocks or bonds. This partnership with CLEAR will further Public's commitment to a frictionless experience, by removing any cumbersome identity verification processes associated with investing, ensuring a secure, friction-free and transparent experience to operate a modern broker dealer.
"We believe that identity and security are integral to any financial platform and we are excited to expand our impact in the financial services industry with this partnership," said CLEAR CEO, Caryn Seidman Becker. "CLEAR knows that you are always you and Public shares our core values of ensuring a secure, friction-free, and transparent experience at all levels of their platform. We're thrilled that soon our Members will be able to verify their identity for a faster and easier investing experience with a trusted community online."
"Public aims to be our members' primary portfolio. We do this not only by enabling members to manage all assets in one place, but by giving them a magical experience along the way," said Jannick Malling, Co-CEO and Co-Founder of Public. "The ability to open an account on Public in a minute or less not only creates growth for the business but also creates trust. CLEAR helps us achieve that."
As part of this partnership, all CLEAR Plus Members - those who pay for CLEAR's subscription airport business - that sign up for a Public account will receive
About CLEAR
CLEAR's mission is to create frictionless experiences. With over 22 million members and a growing network of partners across the world, CLEAR's identity platform is transforming the way people live, work, and travel. Whether you are traveling, at the stadium, or on your phone, CLEAR connects you to the things that make you, you – making everyday experiences easier, more secure, and friction-free. CLEAR is committed to privacy done right. Members are always in control of their own information, and we never sell member data. For more information, visit clearme.com.
About Public
Public is an investing platform that makes building a multi-asset portfolio fast, secure, and frictionless. Members can invest in stocks, options, bonds, crypto, and alternative assets—all in one place. Members can also access real-time and historical fundamental data and custom analysis with Alpha, the AI for investors. At Public, we're committed to creating a more transparent investing experience that is consistently aligned with our members' best interests.
Forward-Looking Statements
This release may contain statements that constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Investors are cautioned that any and such forward-looking statements are not guarantees of future performance or results and involve risks and uncertainties, and that actual results, developments and events may differ materially from those in the forward-looking statements as a result of various factors, including those described in the Company's filings within the Securities and Exchange Commission, including the sections titled "Risk Factors" in our Annual Report on Form 10-K. The Company disclaims any obligation to update any forward-looking statements contained herein.
Contact
media@clearme.com
press@public.com
View original content to download multimedia:https://www.prnewswire.com/news-releases/clear-and-public-announce-partnership-to-deliver-secure-transparent-and-frictionless-investing-to-consumers-302159382.html
SOURCE CLEAR
FAQ
What is the purpose of the partnership between CLEAR and Public announced on May 30, 2024?
How many users does CLEAR have?
What benefits do CLEAR Plus Members receive from this partnership?
What benefits do regular CLEAR Members receive from this partnership?
What asset types can be invested in through Public?
How does the partnership between CLEAR and Public enhance the investing experience?
