Even provides a tech platform that integrates with attendance, payroll, and banking systems to deliver employer-sponsored financial-health products. Its offering combines on-demand pay (InstapayTM) with budgeting and savings tools to support long-term financial stability. The company operates as an on-demand pay provider on a subscription model, with members paying a flat monthly fee that employers can subsidize. Even says it has more than 500,000 monthly active users. The platform is led by CEO and co-founder Jon Schlossberg. The company intends to continue expanding operations and its business reach using recent funding. Even builds a subscription-based financial-wellness platform that integrates with attendance, payroll, and banking systems to deliver instant budgeting, on-demand wage access (Instapay), and automated savings. Its core products aim to reduce overspending, eliminate interest-bearing products, and help members avoid costly short-term loans and overdraft fees. Even charges a flat monthly subscription and states it will not sell members’ data; the company’s model aligns its revenue with customers’ financial health. In January Even launched a nationwide program with Walmart to offer its tools to over 1.4 million U.S. associates, and within six months more than 15% of Walmart’s U.S. workforce began actively using Even. Even provides Instapay via a partnership with PayActiv and reports equivalent adoption across hourly and salaried Walmart associates. The company plans to double its workforce (focusing on engineering and sales) and open a new East Coast corporate office to service increased demand from Fortune 500 employers. Even is a fintech startup. The article does not describe its core product or future plans. Even announced a $9 million Series A funding round. The round was led by Peter Thiel's Valar Ventures and included participation from Keith Rabois at Khosla Ventures. Existing backers Qualcomm Ventures, Camp One Ventures, David Tisch, BoxGroup and Homebrew Ventures also contributed, alongside new investors Henry Kravis, Allen & Company and Bob Jain. The company has raised $12 million to date. Even offers a mobile app that provides interest-free credit, automatic budgeting, emergency expense help, and a “pause” feature to help hourly and part-time workers smooth volatile paychecks. The product integrates with a user’s bank account, sets aside money during good weeks, and allows users to tap credit during leaner weeks while charging a flat consumer fee. The consumer product is priced at $5 per week (about $260/year) and the company is still in pilot testing as it evaluates credit utilization and default risk. Even is also pursuing enterprise distribution as a workplace benefit and has at least one corporate deal in discussions. The founding team includes Jon Schlossberg (product), Ryan Gomba (iOS), Cem Kent, and Quinten Farmer, and the company is based in Oakland. Even expects a public launch later in the year while continuing to refine pricing and risk models in its pilot.

Total raised

$51M

Funding rounds

4

Latest round

Series B

Latest activity

Jul 2018