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PayPal invests in salary drawdown app Even

PayPal invests in salary drawdown app Even

Salary-on-tap app Even has secured new funding from a consortium of investors including PayPal Ventures, Valar Ventures, Founders Fund and Salesforce chief Marc Benioff.

Even, which enables salaried staff to draw down earned income to stave off cashflow problems and set up savings and budgeting plans, is offered as an employer benefit to workers through a monthly subscription. The firm has notched up 500,000 users, and secured a contract with US grocery chain Walmart.

Jay Ganatra, partner, PayPal Ventures, explains the reasoning behind the investment: “Even’s holistic budgeting and saving tools differentiate it from others in the on-demand pay space. Its success with Walmart, including engagement rates on par with social media, is undeniable proof that this model works."

The value of the investment was undisclosed.

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