Fintech startup Even secures $40 million in Series B funding

Even, a fintech startup with the first holistic financial platform for working people, has secured $40 million in Series B funding. Even has added Durham’s Bull City Venture Partners (BCVP) to the list of participating investors in their Series B round of funding, totaling more than $40M USD. The selection of Raleigh for Even’s new office follows a growing trend among large venture-backed companies including Raleigh-Durham as part of their expansion.

Even also announced the selection of Raleigh, North Carolina, as the site of new offices on the East Coast, joining the startup’s Silicon Valley headquarters in Oakland, CA. In addition to announcing their East Coast headquarters,

Founded in 2014 by Cem Kent, Jon Schlossberg, Quinten Farmer, and Ryan Gomba, Even is the first holistic financial platform for working people. Even automatically manages your money for you. Moreover, Even is a new kind of financial app that turns variable pay into a steady, reliable income.Even is the first holistic financial platform for working people. The company’s technology integrates with attendance, payroll, and banking systems to create innovative products that address the core components of financial health. The company was founded by former Instagram and Google engineers, and is headquartered in Oakland, California.

Quinten Farmer, Co-founder and COO of Even: “Raleigh has felt like home to me ever since my family moved here when I was young. After leaving NC State to pursue technology entrepreneurship, I’ve always looked for opportunities to return to Raleigh. Even is working to move millions of Americans out of the paycheck to paycheck cycle, and the talent and community in Raleigh will be a significant part of helping us achieve that mission.”

70% of Americans live paycheck to paycheck, and the goal of Even’s suite of services is to help people break that cycle and start saving money. Using a holistic approach to financial health, Even partners with Fortune 500 companies, integrating with attendance, payroll, and banking systems to understand and directly impact the overall picture of employees’ financial health. The company’s mobile apps instantly budget so that users know how much is “okay to spend,” safely address cash flow issues with Instapay (on-demand access to wages), and help employees automatically save money out of their paycheck before it ever hits their bank balance.

In January 2018, Even announced a relationship with Walmart to offer financial wellness tools to over 1.4 million Walmart associates nationwide. More than 15 percent of Walmart’s U.S. workforce actively use Even to track spending habits and manage their personal budgets. Adoption of Even has proven to be equivalent across both hourly and salaried Walmart associates.

Jason Caplain, General Partner at Bull City Venture Partners: “The strength and activity of the Raleigh-Durham startup and tech ecosystem continues to grow exponentially. Even choosing Raleigh shows the continued momentum of our region. We look forward to actively helping with their successful expansion here.”

Even is hiring with plans to double its workforce, ramping up customer operations, engineering, finance and sales, in part to staff its new offices in Raleigh, North Carolina.