Even, the responsible earned wage access platform, today announced that it has named David Baga as its new CEO and that co-founder Jon Schlossberg will now serve as Executive Chairman of the company. Baga was most recently the Chief Operating Officer of Lightspeed Venture Partners. Previously, he built and led successful teams at Lyft as Chief Business Officer and at Rocket Lawyer as Chief Revenue Officer after spending many years working with large enterprise customers at Oracle. He will join Even on March 1.
Even’s responsible earned wage access platform is provided as a benefit by forward-thinking employers who want to improve the financial health of their employees while boosting productivity and retention. It combines the convenience and flexibility of on-demand pay – which helps employees cover unexpected expenses and bills that might be due before payday – with a suite of proven tools for planning, budgeting, and saving.
According to Gartner, 20 percent of companies are expected to offer on-demand pay by the end of 2022. “We’ve built a better mousetrap: a new employee benefit that helps people escape the paycheck-to-paycheck cycle and build savings, while helping employers improve retention,” said Schlossberg. “We’re about to be more popular than 401k at the nation’s largest employer – so it’s not crazy to suggest that all employers will offer Even within the next decade, just like they offer 401k today. That’s a huge goal, and we need a world-class enterprise leader to get us there so I offered up the big job to attract someone like David. I’m thrilled.”
Baga was drawn to Even because of the opportunity to prove that purpose-driven, for-profit enterprises can make a positive difference at scale. “Even is solving valuable problems for Fortune 500 employers like retention and productivity, while also helping individual workers improve their financial resilience. It is a win/win equation,” said Baga. “Even is the kind of purpose-driven organization that solves a pressing societal problem at scale, the kind of company that can do exceptionally well by doing good.”