EvoShare

Financial Platform for Retirement Savings

Company Information

Website:

https://evoshare.com/

Sector:

Financial Services Software

Location:

Berkeley, CA

EvoShare is a financial platform that helps you save for your retirement by shopping locally and online.

This financial services company is targeting the $8 billion U.S. corporate "wellness program" industry, and the nearly 90 million employees participating in employer-sponsored retirement plans.

70% of employees have below average retirement savings. Many people can’t afford to contribute more of their paycheck toward retirement.

EvoShare provides a solution that turns employees’ spending into a new source of automatic retirement plan contributions.

Here’s how the company’s patent-pending process works:

Employees sign up for EvoShare and link their debit and credit cards. Then they shop as usual at nearly 10,000 online and local businesses.

EvoShare works with these retailers and turns the rewards points shoppers earn into retirement contributions.

Every quarter, EvoShare informs an employer’s payroll department of the cash-back earnings an employee has accrued.

Payroll then deducts the equivalent of the cash-back amount as a one-time 401(k) contribution from the employee’s upcoming paycheck.

Finally, EvoShare offsets the one-time deduction by depositing cash-back earnings into the employee’s checking account.

Through this process, the employee is taxed less, saves more, and receives more take-home money each pay period.

EvoShare earns revenue both from merchants (who pay a fee to EvoShare for all users’ purchases) and from employers (who pay a $10 on-boarding fee per employee).

As of April 2018, EvoShare has more than 9,000 merchants in its network.

Team Background

Dan Tseytlonok - Co-Founder & CTO
Eugeny Prudchyenko - Co-Founder & CEO
Raising
$1 million
Committed
$2,000 (0%)
Current Valuation
$8 million Cap / 0% Discount
Min. Investment
$500
Deal Type
Title III
(For all investors)
Offering Type
Convertible Debt
Learn more on SeedInvest