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Keith Rabois Leads $1.5 Million Round For “Even, ” An Interest-Free, Cellphone Substitute For Pay Day Loans

Keith Rabois Leads $1.5 Million Round For “Even, ” An Interest-Free, Cellphone Substitute For Pay Day Loans

A startup whose product that is first a mobile cash management application called Even, built to provide low-income employees interest-free credit to aid them pay the bills in between paychecks, has raised $1.5 million in a seed round led by Keith Rabois of Khosla Ventures, with involvement off their investors. The solution is intended to provide hourly, and generally speaking part-time workers an alternative to riskier pay day loans as well as other borrowing products where debt substances, which makes it even more complicated to recoup from life’s curveballs.

Other investors into the round included Homebrew, Kevin Systrom, Mike Krieger, Michelle Wilson (previous basic counsel of Amazon), David Tisch, Adam Rothenberg, Sam Lessin, Slow Ventures, Red Swan, Andrew Fine, Zach Brock, Joe Ziemer, Andrew Kortina (Venmo).

One of many worst injustices about the earnings inequality situation within the U.S. Is merely exactly just how costly it really is become bad. Setbacks that other people would actually consider inconveniences can ruin your lifetime, describes writer Linda Tirado, inside her book “Hand to Mouth: located in Bootstrap America, ” which details just exactly what it is like to reside in poverty as low-wage worker. In a single tale, she describes what sort of annoyance that is minor many of us – getting her car towed – eventually cost her both https://www.online-loan.org of her jobs, and very quickly after, her apartment.

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