EVEN

High-Level Overview

Even is an American financial technology company founded in 2014 (public launch 2015) and headquartered in Oakland, California, specializing in earned wage access (EWA) services.[1] It offers a mobile app that provides hourly workers with advances on their earned wages based on an algorithm simulating salaried pay from average monthly earnings, while automatically directing surplus funds to savings; this solves cash flow issues for underserved workers by enabling early paycheck access without traditional loans.[1] Key clients include Walmart (partner since 2017) and PayPal (2020), with over 500,000 users by 2020 and partnerships driving growth through employer integrations.[1]

The company raised $1.5M in seed funding in 2014 (led by Keith Rabois), $40M in Series B in 2018, and demonstrated strong momentum via major retail partnerships before a CEO transition in 2021 (David Baga replacing founder Jon Schlossberg).[1]

Origin Story

Even was founded in 2014 by Jon Schlossberg and a team of entrepreneurs aiming to address financial instability for hourly workers.[1] The idea emerged from recognizing that traditional pay cycles left workers vulnerable to short-term cash shortages, prompting development of an app that predicts earnings and offers instant access.[1] Early traction came swiftly: $1.5M seed funding led by investor Keith Rabois in 2014, beta testing in 2015, and full public launch in January 2016.[1] Pivotal moments included Walmart's 2017 partnership (undisclosed fee for employee EWA) and PayPal's 2020 employee rollout, scaling to 500,000+ users.[1]

Core Differentiators

• Algorithmic Wage Prediction and Advances: Simulates salaried pay for hourly workers by averaging monthly earnings, offering fee-free or low-cost advances directly to users' banks, unlike payday loans.[1][3]
• Automated Savings and Financial Tools: Shifts surplus earnings into savings automatically, providing "disposable income" weekly while managing bills and budgets via mobile app.[1][3]
• Employer Partnerships: Seamless integrations with large employers like Walmart and PayPal for instant, no-fee transfers to 100% of employees, boosting adoption and retention.[1][3]
• Accessibility and Scale: Proven with 500,000+ users by 2020; focuses on underserved hourly workforce, differentiating from broader fintech via targeted EWA niche.[1]

(Note: Distinct from Even Financial, a separate NYC FinTech acquired by MoneyLion in 2021 for product recommendations.[2])

Role in the Broader Tech Landscape

Even rides the earned wage access (EWA) trend within fintech, addressing the gig and hourly economy's cash flow gaps amid rising inflation and irregular pay cycles.[1][3] Timing aligns with post-2010s shifts to flexible work, where 78 million U.S. hourly workers (per related fintech data) face payday loan traps; Even's model lowers acquisition costs for employers while empowering users.[1] Market forces like regulatory scrutiny on high-interest loans favor compliant EWA providers, with Walmart's adoption signaling enterprise validation.[1] It influences the ecosystem by normalizing on-demand pay, inspiring competitors like Empower Finance and accelerating fintech's shift toward inclusive financial infrastructure.[3]

Quick Take & Future Outlook

Even's trajectory points to deeper employer embeds and potential expansion into full digital banking, building on patents in banking tech and payment systems.[3] Trends like AI-driven financial wellness and regulatory EWA clarity will propel growth, especially as hourly work evolves with automation. Its influence may grow via acquisitions or partnerships, solidifying EWA as standard—echoing its origins in democratizing steady income for the hourly workforce.[1][3]