EarnUp

ABOUT

Even is a financial wellness platform available through employers that provides early wage access, savings, and a personal financial management tool.

CHALLENGE 

Having unpredictable income – where you have no idea what you may earn paycheck to paycheck – can make it impossible to cope with life’s ups and downs. What if people could find a way to spread out their uneven paychecks so that the amount of money in their bank account was more stable over time?

SOLUTION

Even looks at your paychecks over the course of four to six weeks to calculate what the app refers to as your “even pay,” or your weekly average income over time.

• If you get a paycheck higher than your even pay, the app saves the extra income as a cushion it applies to a future period when your paycheck might be lower than usual.
• Even will lend users money to reach their even pay, with the difference paid back once a higher paycheck comes in.
• The app includes an in-house team of advisors available to chat in real time to help people build better spending habits.

FINANCIAL HEALTH FOCUS

One in every three U.S. households deals with substantial income volatility, and 70% of payday loans are taken out to pay for recurring expenses like rent and utility bills. Even believes it can change these statistics by smoothing income flows through automation.