| Even | |
| Type: | Private |
| Ceo: | David Baga |
| Services: | Early Wage Access |
| Founder: | Jon Schlossberg |
| Users: | 500,000 |
Even is an American financial services company founded in 2015. The company is headquartered in Oakland, California and is known for providing payroll and accounting services including earned wage access.[1]
Even was founded in November 2014 by former CEO Jon Schlossberg and a group of other entrepreneurs. The company raised $1.5 million in seed funding that year, led by tech investor Keith Rabois.[2]
The app entered beta testing in 2015, before becoming available to all users in January 2016.[3]
In 2017, Walmart paid Even an undisclosed amount to begin offering early wage access to its employees.[4]
In July 2018, the company raised $40 million during its Series B round of funding, which was again led by Rabois.[5]
As of 2020, the app had over 500,000 users.[6]
In 2020, PayPal CEO Dan Schulman announced that the company would be partnering with Even to offer the service to its employees as part of its financial wellness initiative.[7]
On March 1, 2021, David Baga became the new CEO of Even, replacing co-founder Jon Schlossberg.[8]
The app simulates salaried wages for hourly by calculating average monthly earnings, and offering paid advances based on its algorithm while moving surplus earnings into savings accounts.