EvoShare and TrueConnect are announcing their partnership to bring a revolutionary new solution to employees in financial need – emergency funds powered by cash-back from daily spending. This partnership provides employees access to an affordable loan to cover financial emergencies, while empowering employees to build an emergency savings fund with cash-back from a network of 10,000+ merchants and 700,000+ hotels worldwide.
EvoShare, a microsavings oriented FinTech startup, and TrueConnect, an employee loan benefit program, are announcing their partnership to bring a revolutionary new solution to employees in financial need.
HR Technology News: TecHRseries Interview with Dr. Ann Marie Sastry, CEO and Founder at Amesite Inc.
Most employees live paycheck to paycheck and would struggle to pay an unexpected expense of $1000 or more. A growing number of employers are providing financial education or coaching programs, but it can be very difficult for an employee to switch from being spender/borrowers to become saver/investors. This partnership between EvoShare and TrueConnect provides employees access to an affordable loan to cover financial emergencies, while empowering employees to build an emergency savings fund with cash-back from the merchants they already frequent.
EvoShare’s proprietary system turns a percentage of every dollar spent at over 10,000 partnered local and online stores, plus 700,000+ hotels, into additional contributions for financial goals such as an Emergency Savings Account or emergency loan repayment. TrueConnect allows qualified employees to apply for short-term loans up to $5,000 without using an employee’s credit score, which can be repaid through automated payroll deduction
“We all know we should have emergency savings, but there’s little left of our paychecks at the end of the month. EvoShare lets people add to their financial goals with cash-back offers from merchants. Harnessing this new financial resource will let TrueConnect further their mission of helping even more employees facing hardships.,” said Eugeny Prudchyenko, CEO of EvoShare.
”We’ve been helping employees access affordable credit for years through TrueConnect,” said Doug Farry, VP Partnerships at TrueConnect. “Now we can help them build savings so they may not need a loan the next time a crisis happens. We want to help employees make the journey to financial health and independence.”
This partnership creates the environment for employees to automatically improve their financial resiliency simply by shopping. Every dollar spent can be another step toward being able to weather a financial crisis. Together, EvoShare and TrueConnect are giving employees a benefit they’ve never had before – extra funds for their emergency needs.