Even, which integrates with attendance, payroll and banking systems, has closed an investment round, less than a year after its former round.
The fresh capital was supplied by PayPal Ventures, Valar Ventures, Founders Fund and Marc Benioff.
Even was designed to improve the financial wellness of employees and the performance of employers, it claims.
The company offers on-demand pay to enable employees to access the pay they have earned ahead of payday. It also offers budgeting and savings tools to improve financial stability.
There are more than 500,000 monthly active users on the platform, with more than 50% using the app daily.
Founded in 2015, users can access a range of other services including personal loans, credit cards, savings accounts, and financial health tools, among others.
PayPal Ventures partner Jay Ganatra said, “Even’s holistic budgeting and saving tools differentiate it from others in the on-demand pay space. Its success with Walmart, including engagement rates on par with social media, is undeniable proof that this model works.
“PayPal and Even share a commitment to leveraging technology to enable financial wellness. We are proud to invest in this team as it aims to expand into every major employer in the U.S.”
The FinTech platform closed a $25m strategic investment in September 2019, from investors including Citi Ventures, MassMutual Ventures, American Express Ventures, LendingClub, Canaan Partners, F-Prime Capital, GreatPoint Ventures and Goldman Sachs.
Earlier in the year, Even entered the insurance market through its acquisition of LeapLife.
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