77 million Americans work for an hourly wage. Their median income is $34,142. They don’t make a lot of money—and worse, their income and expenses are inconsistent. As a result, they frequently don’t have enough income to cover expenses, so these Americans spend $100 billion every year just to make ends meet. They lose 10-30% of their income to things like payday loans, overdraft fees, and late bill fees. It is expensive to be poor.
Even is an Oakland-based financial technology startup with the mission of building a new type of bank: one purposefully designed to help people living with the realities of 21st century poverty. A bank that automatically manages its customers' finances: pays the bills, balances the budget all while saving and investing the extra.