Even announces new strategic round
Even, which provides a tech platform that integrates with attendance, payroll, and banking systems to create products that address the core components of financial health, is announcing a new strategic round from different backers including PayPal Ventures, Valar Ventures, Founders Fund, and Marc Benioff. Prior to this round the startup has raised $52 million.
Founded in 2014, Even works with employers to offer a variety of products “necessary to ensure long-term financial stability” such as on-demand pay and budgeting and savings tools. Members pay a flat monthly fee, which employers can subsidize, for access to all of Even’s features, including the on-demand pay.
The California-based startup now counts more than 500,000 monthly active users, with more than 50% using the app every day. At Walmart, where Even is now offered for free to more than 1.5 million associates, it is the third most widely used benefit behind healthcare and 401k. Even’s savings feature also helps the average user go from $0 to $160+ in savings in three months, saving a total of more than $10 million since it was introduced in 2019.
“Even’s holistic budgeting and saving tools differentiate it from others in the on-demand pay space. Its success with Walmart, including engagement rates on par with social media, is undeniable proof that this model works. PayPal and Even share a commitment to leveraging technology to enable financial wellness. We are proud to invest in this team as it aims to expand into every major employer in the U.S.” – Jay Ganatra, Partner, PayPal Ventures.
“For more than a decade, average Americans have been living paycheck to paycheck, with no money in the bank, stuck in a cycle of dependence on loans and credit. It should be no surprise, then, that closing the economy and taking away paychecks has been disastrous for so many. Living on the financial edge isn’t just unhealthy for families – it’s also bad for business, because it leaves people searching for a new employer that might lead to a better life. The good news is that forward-thinking employers are starting to do their part to help, by empowering their employees with immediate access to their pay, and delivering that benefit responsibly with the tools people need to save for their future.” – Jon Schlossberg, CEO and co-founder of Even.