Today we’re excited to announce that Even has been recognized by CB Insights, a tech market intelligence platform, on its Fintech 250 list of fastest-growing fintech startups.
While growing quickly and getting this type of recognition is something we truly appreciate, we’re most excited because it’s a reflection of how many more employees we’re helping on the path to financial wellness. CB Insights’ research team evaluated more than 16,000 companies and selected the Fintech 250 based on several factors including data submitted by each company, and their Mosaic Score. Based on CB Insights’ proprietary algorithm, the Mosaic Score measures the overall health and growth potential of private companies.
Even’s inclusion on this list is a testament to how we’ve optimized our business to deliver on our mission: helping companies reimagine the way they pay, so people can live the lives they want. The growth we’ve seen in the last year confirms our belief that we can do right by our members while simultaneously growing our business — these are not mutually exclusive things. We’ve structured our pricing model so that our success is directly tied to better outcomes for our members, and our inclusion on this list is a strong sign that our model is the right one.
We use an employer-sponsored pricing model. That covers a full suite of financial benefits and tools, regardless of how much a member uses them. We decided on employer-sponsored pricing because we only want to benefit when employees’ financial health actually improves. Instapay is just the first step. From there, employees climb the financial ladder with our budgeting, planning, and savings tools. So, we're incentivized to help employees build financial resilience to the point they rarely need on-demand pay. It becomes more of a backstop.
We’re now serving more than 600,000 active members each month, and by using Even they’ve avoided more than $150 million in fees that they would have lost to payday lenders, interest on credit card charges, and overdraft charges. More importantly, members have collectively saved nearly $1 billion through Even. The average savings user has $167 in their savings account after three months – often saving for the first time in their adult life – and over 300,000 members have used Even to automate savings.
Being recognized as one of CB Insights Fintech 250 is further validation that our approach works.
Our success is also a direct result of the contributions of everyone on our team. From the engineers pushing the envelope on how we can use technology to make our product more effective, to the customer success managers working tirelessly to keep our business running smoothly – every person in our organization has played a key role in making Even what it is today. We thank all the Eveners whose work has made such a positive impact on the lives of hundreds of thousands of people across the country.