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Even Aims To Improve Americans’ Financial Health

[Thursday, August 9th, 2018]

People who struggle to stay afloat financially can benefit from the services offered by a new venture called Even, which is expanding its offerings thanks to a new round of $40 million in funding.

Even is a financial services company that integrates with payroll and banking systems to better understand their clients’ financial health. It offers budgeting tips, automatic money-saving systems, and something called Instapay, which offers on-demand access to wages.

Jon Schlossberg, Even’s CEO, says Americans spend $240 billion a year on “unneeded costs” such as overdraft fees and high interest rates on short-term loans. “By contrast, Even’s business model is set up so we only profit when our customers do.” The company charges a flat monthly subscription fee that can be canceled at any time if customers decide they don’t need the service.

Profiting only when customers profit

“In exchange [for the subscription fee], our members get a new set of financial services, built from the ground up to fit into busy people’s lives, so they actually use them—to spend smarter, avoid debt, and save money. If people see value in those services and keep using them, we profit; if they don’t, we don’t,” says Schlossberg.

Even members aren’t charged interest, and there are no hidden fees or transaction costs. The company is set up so that the more financially successful their customers are, the more money they make.

Last January, Even launched a partnership with Walmart to offer their financial wellness tools to employees nationwide. In the last six months, more than 15 percent of Walmart’s 1.4 million employees have started using Even to track their spending and stick to a budget.

Based on their success with Walmart, Even is eager to expand their services. Financial wellness, including having a healthy credit score, spending within means, and following a budget, is vital for things like getting approved for a credit card.

Folks with limited credit or no credit history at all can benefit from the tools offered by Even, or simply by becoming better informed about finances and how budgets and credit cards work.

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