The Oakland based lending startup raised a $9m Series A, led by Valar Ventures. Even helps hourly workers smooth their pay periods so they don't have to rely on payday loans.
Even’s solution, which is currently available via iOS and Android apps, is a bit like an anti-payday loan. Once users plug their bank accounts into Even’s system, the site analyzes their paychecks and “evens” them out, automatically lending them money on weeks they are short, and paying itself back on good weeks. Get Data Sheet, Fortune’s technology newsletter. “This effectively gives people a salary,” Schlossberg says. So far, Even’s average advance is $120 and it gets repaid within 1.2 paychecks. The company also offers savings plans. Rather than charging customers interest on the loans, Even charges a flat $3 weekly fee. Schlossberg believes large Fortune 500 employers of hourly workers will pay the fee, offering the service as a benefit. Even will help with turnover, he says.