Even, US-based personal finance app developer backed by corporates PayPal and Qualcomm, agreed on Wednesday to merge with One, a Progressive-backed mobile banking service, and financial technology provider Hazel.
Founded in 2014, Even has built an online platform which allows employees to quickly access their salaries instead of waiting the full month to be paid.
US-headquartered One combines a debit card with online checking and savings accounts as well as a financial education service, while Hazel was formed by big-box retailer Walmart and venture capital firm Ribbit Capital as a robo-adviser for investors.
The combined business will operate under the One banner and run a diversified financial services offering that will be made available to Walmart employees and customers.
PayPal Ventures – part of digital payment processor PayPal – invested an undisclosed amount in Even in mid-2020, two years after it raised $40m from Khosla Ventures, Valar Ventures, Allen & Company, Harrison Metal, Silicon Valley Bank, BCVP and Ron Conway to hike its total funding to $52m.
Mobile chipmaker Qualcomm’s corporate venturing subsidiary, Qualcomm Ventures, first invested in the company through a $3m seed round in 2015, returning the following year for a $9m series A.
One’s funding stood at $66m as of a $40m series B round in August 2021 led by insurance firm Progressive through its Progressive Investment Company. The company’s other investors include Obvious Ventures, Foundation Capital and Core Innovation Capital.
Omer Ismail, formerly of investment bank Goldman Sachs before joining Walmart in August 2021 to run Hazel as CEO, will be chief executive of the new company. He said: “Consumers everywhere are being left behind by the world of financial services.
“Our vision is clear: build on Even and One’s success to offer a product that offers consumers the best way to spend, the best way to access their wages and helps millions save and grow their money.”
