CEO, Even

Employee Benefit News - - Strategy Session -

His in­no­va­tion: Schlossberg founded Even, a fi­nan­cial well­ness app of­fered as a ben­e­fit for hourly and mid-level em­ploy­ees. Even pro­vides au­to­matic bud­get plan­ning, sav­ings and In­stapay — the abil­ity to with­draw up to 50% of earned wages ahead of pay­day to help with short-term cash needs.

Why it mat­ters: Many work­ers live pay­check to pay­check — and nearly half of Amer­i­cans don’t have enough cash avail­able to cover a $400 emer­gency, ac­cord­ing to the Fed­eral Re­serve. That’s caus­ing many to bridge short-term cash needs with pay­day loans and bank over­drafts, which drive them deeper in debt. Even ad­dresses this prob­lem and is catch­ing the at­ten­tion of big em­ploy­ers. In De­cem­ber, Wal­mart pi­o­neered the de­ploy­ment of Even as a ben­e­fit na­tion­ally to its 1.4 mil­lion em­ploy­ees.

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