Carver Edison Receives Historic IRS Letter Ruling, Launches With NASDAQ Issuer

NEW YORK, April 24, 2019 /PRNewswire/ -- Carver Edison, a New York City-based financial technology company dedicated to helping employees build wealth, has announced the achievement of several key milestones, including the company's launch with a NASDAQ issuer. On the heels of its latest fundraising round led by Eli Broverman, Co-founder of Betterment, Carver Edison also announced today the release of its landmark private letter ruling from the IRS.

In its private letter ruling, the IRS definitively concluded that a public company can implement a Carver Edison ESPP Loan Program™ while retaining qualified tax status for its Employee Stock Purchase Plan. Carver Edison's letter ruling is the first the IRS has issued related to ESPPs in 14 years and is an important step forward for both Carver Edison and the stock plan administration industry.

Carver Edison's latest investment round was led by Eli Broverman's venture firm, DDC Ventures. Broverman is the Co-founder of Betterment, the largest independent Robo Adviser with over $15 billion in assets under management. Several notable FinTech investors also participated in the financing, including Jeff Cruttenden, Co-founder of Acorns.

"ESPPs allow employees to purchase their company stock at a discount, yet they are substantially underutilized because most employees cannot afford the payroll deductions these plans require," said Carver Edison founder Aaron Shapiro. "Our platform allows companies to help their employees take advantage of this important financial benefit."

Carver Edison's technology allows public companies to implement its ESPP Loan Program™ which seamlessly integrates with the company's existing share plan administrator at no cost. Carver Edison also offers customized ESPP education to public companies.

For more details about Carver Edison, please visit www.carveredison.com.

About Carver Edison
Carver Edison is a New York City–based financial technology company committed to revolutionizing Employee Stock Purchase Plans. Carver Edison provides public companies with its ESPP Loan Program™ and customized ESPP education. The company is backed by leading FinTech entrepreneurs including Eli Broverman, Co-founder of Betterment, Jeff Cruttenden, Co-founder of Acorns as well as leading industry executives.  

SOURCE Carver Edison