FinTech: Even, The Earned Wage Access Platform, Has Paid Out $2.5B In On-Demand Pay
Even also announced two senior hires.
Even, the earned wage access platform announced it has completed the distribution of $2.5 billion in on-demand pay, a facility it has provided since 2017. Earned wage access is a fintech service that allows users to receive on-demand a portion of their wages for hours they have already worked but not yet been paid for by their employer. (Yahoo Finance)
Even was founded to address the problem of inequality of opportunity. A scarcity of money denied deserving people many opportunities in life.
“Over the last 30 years, while wages have stagnated for the bottom 90%, the cost of many things has exploded—most notably the things that are core to achieving a better life: having a home, good health, and an education,” Even observes on its website.
That situation has been exacerbated by targeted advertising that tempts people to make financially inadvisable purchases and the availability of easy short-term credit that traps them in a vicious debt cycle.
People in a debt trap will be unable to make plans for achieving higher objectives in life. And so they deny themselves opportunities for advancement.
Even offers access to their paychecks at any time, and also provides the tools necessary to create a more financially secure future.
The Instapay pay-on-demand facility is far less expensive than overdrafts, credit cards, and payday loans. Even has saved its members over $150M in fees and interest, helping them avoid the financial pitfalls of credit card debt, overdrafts, and payday loans.
The Even platform also offers tools for planning, budgeting, and saving. It currently serves more than 650,000 active members.
Its product likely has a promising future – Gartner Research predicts that by 2023, at least 20% of companies with majority hourly workforces will offer flexible, earned wage access.
Even: Liquidity plus financial well-being
“The industry is at an inflection point and we need to scale quickly by building the strongest go-to-market team in our industry. Our goal: To ensure that Fortune 1000 employers offer on-demand pay in a way that actually improves the financial health of their workforce,” said Even CEO David Baga.
“Our on-demand pay helps members with expenses that come up between paychecks — like childcare, groceries, or car repairs — so they can avoid overdraft fees and payday loans. But we also provide powerful and intuitive tools to help people plan, budget, and save,” he added.
Even also announced that it is strengthening its executive team by hiring experienced senior executives, Preston Clark as Chief Revenue Officer (CRO) and Samantha Goldman as Chief Marketing Officer (CMO).
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