Even: List of Competitors and Competitive Landscape

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Even: The Competitors

Even is a financial management/personal banking app that integrates into a company's payroll, allowing employees to use the app as their primary banking method and offers low rate payday loans. Even also tracks spending and provides daily withdrawal amounts based on predicted expenses and transactions. The company was founded in 2012 and has raised over $12M in 3 funding rounds. The Even app is currently used by about 14M Walmart employees, has over 100,000 according to the Google Play store and ranks 44 in terms of Finance apps, according to App Annie.

However, Even is not the only company offering these types of services. Our research identified the following 6 main competitors of Even, including: Earnin, Instant Financial, Daily Pay, FlexWage, PayActive and Dave.

These competitors were identified through listings of the top payday advance applications and further refined based on offerings, comparisons, and Crunchbase classifications relative to Even. Data regarding fee structure, capital funding, app rankings, and service terms were included for each competitor, where available.


Earnin was founded in 2012 as a financial service app. The company currently has about 51-100 employees and has raised over $65M in funding over 3 rounds. The Earnin app connects a company's payroll to employees' banking accounts and allows participating employees to withdraw up to $100 per day, with a $500 maximum during each pay period. Unlike similar apps, Earnin is a gratuity-based business that does not charge fees to the employee or the employer for participating. Employers using Earnin include Apple, Bank of America, Best Buy, Chase, Starbucks, Staples, Home Depot, Lowes, Uber.

Though Earnin and Even have similar business models, Earnin's default rate is significantly higher than Even's, at 3.7% compared to 0.65%.

As of April 3, 2018, Earnin had over 1,000,000 downloads Google Play store and was ranked 31 relative to other Financing apps on App Annie.

Instant Financial

Instant Financial is a financial management app, which is downloadable via smartphone. It was founded in October 2015 and has raised over $4M in two funding rounds. The app works similar to a personal banking solution, offering employers to deposit salaries and employees can use an associated debit card to withdraw funds. Employees are able to enroll for free, while employers pay $1 per user per month, and enables employees to request up to 50% of their daily pay at the end of their shift.

About 150,000 employees of 50 companies are using the Instant Financial app as of October 2017. In particular, companies with a higher percentage of hourly workers, such as restaurants and lodging franchises like McDonald's, Outback Steakhouse and Dunkin' Donuts have the largest user base.

As of March 23, 2018, Instant Financial had over 10,000 downloads on the GooglePlay store. The Instant Financial app ranks 331 in terms of usage relative to other FinTech apps, according to SimilarWeb.

Daily Pay

Daily Pay is an employee benefit and financial services company established in 2015 and has approximately 11-50 employees. Over 5 funding rounds, DailyPay has been able to secure about $15.5M in investments.

With the Daily Pay app, employees can access 100% of their earnings for $1.25 (next day service) and $2.99 (instant service) per transaction. Payday advance funds are direct deposited into the employees' bank accounts or made available directly through a prepaid debit card. Of note, this service is offered only to employees whose employers are subscribed to the service. Subscribers include The Maids, Door Dash and Dial America.

As of February 2018, Daily Pay had over 1,000 downloads on the Google Play store and was 440 on App Annie, relative to other financial services apps.


FlexWage Solutions was founded in 2009 as a banking, financial services and payment business. The company currently employs between 11-50 staff and has raised about $3.5M in one funding round. FlexWage offers a mobile app that allows employees to manage their finances and make payments through the Wage Bank platform. Additionally, employees are able to enroll in demand pay, direct pay, and payroll cards through the mobile app.

FlexWage was ranked 3080 in terms of usage of Finance apps for Android apps.


PayActive was founded in 2011 as an employee benefits, financial services and mobile payments business. It employs 11-50 employees and has held 2 funding rounds totaling $13.5 million dollars. Through its app, PayActive allows employees to access up to 50% of their wages once 30 hours are worked with a fee of $5 per transaction. PayActive is largely utilized by healthcare institutions, such as Baton Rouge General Hospital in Louisiana, BRG Medical Center, and Visiting Angels. Employers also include companies from the retail sector, manufacturing, and non-profit organizations.

PayActive is ranked 561 in terms of finance apps on App Annie and has over 10,000 installs on the Google Play store as of April 4, 2018.


Dave was established in September 2016 as a payday advance app. The company employs 1-10 people and has raised $16.3M in 2 funding rounds. Dave connects to users' checking accounts and analyzes past expenses to predict future expenses, notifying users when it predicts an overdraft. It allows users to borrow from $25 to $75 dollars prior to payday interest free, and a 5-15% gratuity fee if paid within 10 days. For every gratuity, Dave will plant a tree. Users are also charged $1 per month to use the service.

As of March 27, 2018, Dave had over 100,000 installs according to the Google Play store.

Similar Services from Banks

While our research did not yield similar applications to Even as part of large bank offerings, Bank of America was identified as being a partner employer with Earnin.

Additionally, our research uncovered Zelle Pay, a rapid funds transfer digital platform partnering with major banks, such as Wells Fargo, Capital One, JP Morgan Chase, PNC Bank, and BB&T. Zelle Pay offers users the ability to send money to anyone or transfer money for services in minutes. However, there is no indication of the application regarding payday advances.


Even's main competitors in the mobile payday advance apps sector include: Earnin, Instant Financial, Daily Pay, FlexWage, Pay Active and Dave. All of these apps allow users to request small payday advance loans.

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Even: Competitive Landscape

I found 3 companies that I have compared to Even. They are Earnin, Instant Financial and DailyPay. I have included my findings in the attached spreadsheet.

I conducted an exhaustive search of corporate websites, market reports, white papers, trust media sites and app sites to determine companies that were most similar to Even since a pre-compiled list did not exist. Earnin, Instant Financial and DailyPay were selected since they reach the same demographic, are affordable and provide a convenient way to manage your earnings, just like Even.

In conclusion, each of these companies offer financial services that benefit both employees and employers.

From Part 01