US-based money management service Even Responsible Finance has raised $9m in a series A round featuring Qualcomm Ventures, mobile chip manufacturer Qualcomm’s corporate venturing unit, Fortune has reported.
The round was led by venture capital firm Valar Ventures and included Camp One Ventures, Homebrew Ventures, Allen & Company, BoxGroup and angel investors Keith Rabois, David Tisch, Henry Kravis and Bob Jain.
Even has created a subscription-based app that connects to a user’s bank account and analyses how much they typically earn each week. It then distributes money to them in weekly increments, lending them money interest-free if they are short and using surplus funds to pay off loans.
The platform is typically used by shift workers or freelancers whose income is variable. Even claims there are 77 million such workers in the US alone.
Jon Schlossberg, Even’s CEO, told Fortune the money would fund a second iteration of the app and support an expansion of its team. It intends to hire a vice-president of marketing and a vice-president of credit over the course of this year.
Even reportedly raised $3m in seed funding in 2015 from Qualcomm Ventures, Homebrew, Slow Ventures, Red Swan and several angel investors.
– Image courtesy of Even Responsible Finance