Even, a US-based financial services platform developer that counts mobile semiconductor producer Qualcomm as an investor, has raised $40m in a funding round led by venture capital firm Khosla Ventures.
Valar Ventures, Allen & Company, Harrison Metal, Silicon Valley Bank, BCVP and private investor Ron Conway also contributed to the round.
Founded in 2014, Even has developed an app-based subscription service with more than 200,000 users that connects to a user’s bank account to help them save and budget more effectively.
The app can save small amounts automatically and remind users when bills are coming up, and some employers can make a portion of a worker’s monthly pay available to be accessed early without interest.
Even CEO Jon Schlossberg said: “High cost financial services such as credit card interest short-term loans, and overdraft fees cause Americans to spend $240bn every year in unneeded costs. By contrast, Even’s business model is set up so we only profit when our customers do.
“We charge a flat, predictable monthly subscription, like Netflix. In exchange, our members get a new set of financial services, built from the ground up to fit into busy people’s lives, so they actually use them – to spend smarter, avoid debt and save money. If people see value in those services and keep using them, we profit; if they do not, we do not.”
Qualcomm’s corporate venturing unit, Qualcomm Ventures, joined Homebrew Ventures, Slow Ventures, Red Swan Ventures and various angel investors to provide $3m in seed capital for Even in 2015.
The company added $9m in a 2016 series A round led by Valar Ventures and backed by Qualcomm Ventures, Camp One Ventures, Homebrew Allen & Company, BoxGroup and angel investors including Keith Rabois, who led Khosla’s involvement in the series B.