Even
Type of site
Private
Founded2015 (2015)
Founder(s)Jon Schlossberg
CEODavid Baga
Industry
ServicesEarly Wage Access
URLhttps://www.even.com
Users500,000

Even is an American financial services company founded in 2015. The company is headquartered in Oakland, California and is known for providing payroll and accounting services including earned wage access.[1]

History

Even was founded in November 2014 by former CEO Jon Schlossberg and a group of other entrepreneurs. The company raised $1.5 million in seed funding that year, led by tech investor Keith Rabois.[2]

The app entered beta testing in 2015, before becoming available to all users in January 2016.[3]

In 2017, Walmart paid Even an undisclosed amount to begin offering early wage access to its employees.[4]

In July 2018, the company raised $40 million during its Series B round of funding, which was again led by Rabois.[5]

As of 2020, the app had over 500,000 users.[6]

In 2020, PayPal CEO Dan Schulman announced that the company would be partnering with Even to offer the service to its employees as part of its financial wellness initiative.[7]

On March 1, 2021, David Baga became the new CEO of Even, replacing co-founder Jon Schlossberg.[8]

Overview

The app simulates salaried wages for hourly by calculating average monthly earnings, and offering paid advances based on its algorithm while moving surplus earnings into savings accounts.[3]

References

  1. ↑ Anneken Tappe (2019-11-13). "These companies are revolutionizing how people get paid". CNN. Retrieved 2021-05-13.
  2. ↑ Calvey, Mark (July 19, 2018). "Oakland fintech Even raises $40 million, plans hiring and new headquarters". www.bizjournals.com. Retrieved 2021-05-13.
  3. 1 2 Giridharadas, Anand (2015-04-29). "Want a Steady Income? There's an App for That". The New York Times. ISSN 0362-4331. Retrieved 2021-05-13.
  4. ↑ Corkery, Michael (2017-12-13). "Walmart Will Let Its 1.4 Million Workers Take Their Pay Before Payday". The New York Times. ISSN 0362-4331. Retrieved 2021-05-13.
  5. ↑ "Even raises $40M to transform the working class to the savings class". TechCrunch. Retrieved 2021-05-10.
  6. ↑ "PayPal, Valar Ventures, Founders Fund and More Invest in US Firm Even.com | Finance Magnates". Finance Magnates | Financial and business news. 2020-06-22. Retrieved 2021-05-13.
  7. ↑ "The FINANCIAL - PayPal collaborates with Even". www.finchannel.com. Retrieved 2021-05-13.
  8. ↑ "Lightspeed's COO David Baga leaving to join pay advance startup Even as CEO". TechCrunch. Retrieved 2021-05-13.
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