PayPal Ventures, Valar Ventures, Founders Fund, and Marc Benioff announced a new round of strategic investment in Even (even.com) to address the growing financial uncertainty facing American workers.
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Designed to improve both the financial wellness of employees and the financial performance of employers, Even is the only employer benefit that combines on-demand pay (Instapay™) with engaging budgeting and savings tools necessary to ensure long-term financial stability. It is also the only on-demand pay provider that operates on a subscription model. Members pay a flat monthly fee, which employers can subsidize, for access to all of Even’s features, including Instapay™, meaning Even never profits from a member’s cashflow emergency and is truly incentivized to help them become financially well.
For employers, those improvements in employee financial stability are directly linked not only to improved satisfaction and productivity, but dramatically increased retention and reduction in the heavy costs associated with turnover.
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Jay Ganatra, Partner, PayPal Ventures: “Even’s holistic budgeting and saving tools differentiate it from others in the on-demand pay space. Its success with Walmart, including engagement rates on par with social media, is undeniable proof that this model works. PayPal and Even share a commitment to leveraging technology to enable financial wellness. We are proud to invest in this team as it aims to expand into every major employer in the U.S.”
Even now has more than 500,000 monthly active users, with more than 50% using the app every day. At Walmart, where Even is now offered for free to more than 1.5 million associates, it is the third most widely used benefit behind only healthcare and 401k. Even’s savings feature also helps the average user go from $0 to $160+ in savings in just three months, saving a total of more than $10 million since it was introduced in 2019.