Even is an American
financial services
Financial services are the Service (economics), economic services provided by the finance industry, which encompasses a broad range of businesses that manage money, including credit unions, banks, credit-card companies, insurance companies, acco ...
company founded in 2015. The company is headquartered in
Oakland, California and is known for providing payroll and accounting services including
earned wage access.
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.
The app entered
beta testing
Software testing is the act of examining the artifacts and the behavior of the software under test by validation and verification. Software testing can also provide an objective, independent view of the software to allow the business to apprecia ...
in 2015, before becoming available to all users in January 2016.
In 2017,
Walmart paid Even an undisclosed amount to begin offering early wage access to its employees.
In July 2018, the company raised $40 million during its Series B round of funding, which was again led by Rabois.
As of 2020, the app had over 500,000 users.
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.
On March 1, 2021, David Baga became the new CEO of Even, replacing co-founder Jon Schlossberg.
[{{Cite web, title=Lightspeed's COO David Baga leaving to join pay advance startup Even as CEO, url=https://techcrunch.com/2021/02/22/lightspeeds-coo-david-baga-leaving-to-join-pay-advance-startup-even-as-ceo/, access-date=2021-05-13, website=TechCrunch, language=en-US]
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.
References
External links
Official website
Financial services companies established in 2014
Financial services companies based in California
Financial technology companies
Earned Wage Access