One of the most elusive questions in the creator economy has always been how much money creators make. And now, the team behind Karat Financial is aiming to demystify just that with a new tool called Karat Insights.
Founded in 2019, Karat is a financial company tailored towards creators. Its flagship product is a creator credit card.
Building on that, the company is now offering Karat Insights, a complementary tool launched on Feb. 26 that enables creators to compare their earnings against anonymous financial data provided by other creators.
“Creators struggle to get accurate information on their finances. Like what are good brand deal rates, or how much they should be making given their social stats,” co-founders Will Kim and Eric Wei told Passionfruit in a statement. “Karat Insights provides those answers based on real creator data.”
Karat Insights also provides info on financial benchmarks creators should aim for and shares what their “creator archetype” is. An “archetype” is one of the eight influencer personalities they categorize you into based on your financial and social traits.
Karat raised $70 million in funding in early 2023, raising capital specifically from popular creators like Nas Daily and Josh Richards, as well as Twitch cofounder Kevin Lin. Unfortunately, it also had a round of layoffs later in 2023.
“We finally have enough data gathered from underwriting creators on the credit card for us to be able to build this product,” Kim told Tubefilter.
“It’s important to us to also share this information back to the ecosystem freely. As the creator economy wins, we will also benefit from that larger win. We don’t want to try to turn a quick buck on this when it’s something we believe should be a community-wide resource.”
