SAN FRANCISCO, June 18, 2020 /PRNewswire/ -- Today, PayPal Ventures, Valar Ventures, Founders Fund, and Marc Benioff announced a new round of strategic investment in Even (even.com) to address the growing financial uncertainty facing American workers.
Designed to improve both the financial wellness of employees and the financial performance of employers, Even is the only employer benefit that combines on-demand pay (Instapay™) with engaging budgeting and savings tools necessary to ensure long-term financial stability. It is also the only on-demand pay provider that operates on a subscription model. Members pay a flat monthly fee, which employers can subsidize, for access to all of Even's features, including Instapay™, meaning Even never profits from a member's cashflow emergency and is truly incentivized to help them become financially well.
For employers, those improvements in employee financial stability are directly linked not only to improved satisfaction and productivity, but dramatically increased retention and reduction in the heavy costs associated with turnover.
Jay Ganatra, Partner, PayPal Ventures: "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."
Even now has 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 only healthcare and 401k. Even's savings feature also helps the average user go from $0 to $160+ in savings in just three months, saving a total of more than $10 million since it was introduced in 2019.
Even is offered as an employer benefit to workers through a monthly subscription. A critical differentiator in the growing market of earned wage access providers, Even's subscription means that there are no predatory fees tied to the use of Instapay. This ensures that Even's success as a business is entirely dependent on users becoming more financially secure, saving more money, and continuing to subscribe and benefit from the Even subscription.
Jon Schlossberg, CEO and co-founder of Even: "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."
About Even Even is a mission-driven technology company working to even the playing field for creating a better life. The company's technology integrates with attendance, payroll, and banking systems to create innovative products that address the core components of financial health. By combining earned wage access with intuitive budgeting and savings tools, Even helps users safely resolve cash flow emergencies in the short-term while simultaneously helping them build long-term financial stability. It is also the only on-demand pay provider that operates on a subscription model with no transactional fees, which ensures members can access their pay when they need it without getting trapped in a cycle of borrowing. The company was founded by former Instagram and Google engineers, and is headquartered in Oakland, California.