US-based personal financial platform Even has raised $40m in a latest funding round led by Keith Rabois of Khosla Ventures.
The funding round was also joined by Valar Ventures, Allen & Company, Harrison Metal, Ron Conway, Silicon Valley Bank, and BCVP.
Even, set up in 2014, offers a monthly subscription-based membership service and helps its members to avoid interest charge, hidden fees or transaction costs, and prevents from displaying promotional credit cards or other products that can led its users in debt trap.
The latest development comes after the company established a national program with retail giant Walmart.
The personal financial management app integrates with attendance, payroll, and banking systems to understand and directly impact the complete picture of financial health.
The app prepares its users’ budgets for controlled spending, safely solves cash flow problems with Instapay (on-demand access to wages) and automatically saves money.
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 don’t, we don’t.”