Personal finance app Even bags $40m in funding

Personal finance app Even has closed a new round of funding on $40m, which will be put towards expanding its operations and the opening of a new office.

Khosla Ventures general partner Keith Rabois led the round, which also picked up contributions from Valar Ventures, Allen & Company, Harrison Metal, Ron Conway, Silicon Valley Bank, and BCVP, among others.

Founded in 2014, Even integrates with attendance, payroll and banking systems to provide consumers the full picture of their financial health. One of the services provided is a tool for instant budgeting, which detects upcoming bills and lets the user know how much is needed for it.

Even also gives consumers the ability to be paid early, by providing the user with a cash loan, which has no interest or hidden fees. Instead of interest rates, the company charges a monthly subscription fee to use the app.

A feature the company is looking to launch is an automatic savings solution, which lets users set targets. Even will then automatically transfer some funds each month to a separate account, until the goal has been reached.

With the round of funding, Even hopes to expand its operations to keep up with the ‘newfound demand.’ Capital will also be put to doubling the size of its team, primarily its engineering and sales teams, and opening a new corporate office on the East Coast later in the year.

Khosla Ventures general partner Keith Rabois said, “We’ve been with Even from the start because their mission and business model are so perfectly aligned: they succeed as a business when their users succeed financially. The overwhelmingly positive response to their partnership with Walmart only made us more confident that the Even team is onto something huge, which is why we decided to increase our investment and partner with them to grow rapidly.”

Even kicked off the year with a partnership with Walmart to offer its personal finance app to more than 1.4 million Walmart associates in the US. Over the past six months, over 15 per cent of Walmart’s workforce has started to use the service.

Copyright © 2018 FinTech Global

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