According to the latest finance news, a US-based personal finance platform has secured $40 million through its latest round of crowdfunding. This round was led by Keith Rabois of Khosla Ventures, and other participants such as Valar Ventures, Allen & Company, Ron Conway, Harrison Metal and Silicon Valley Bank.

The company recently formed a national program with retail giant Walmart. Jon Schlossberg, CEO of Even, aims to improve the plight of ordinary Americans and their personal and professional finances. With a huge new bucket of capital, Even can see their dreams and aims materializing. Keith Rabois lead the first round with $40 million investment.

According to the latest finance news, Finance Company Even Raises $40 Million in the First Round

With this latest round of capital, Even has managed to raise almost $50.5 million. They first launched their app to offer income smoothing for workers, by helping them avoid usurious payday loans in order to make ends meet.

SEE ALSO: Chowly Raises $5.8 Million for Expansion

Schlossberg realized that one of the only ways to improve the finances for the working class is by helping them budget better. Schlossberg says, “Today, something like 0.1% of humans work on our hardest problems. Imagine if, instead of 0.1%, just 1% of the world’s population had the luxury of solving our hardest problems. Ten times as many bright minds. Where would we be today?” he further adds Americans spend close to $240 billion every year in financial services. The costs like overdraft fees, short-term loans, credit card interest prove to be nothing but unneeded costs. As a matter of fact, the business models that are created are surrounded by customers’ profits. Similarly, we charge our customers on a monthly basis just like Netflix does. In exchange, we provide our customers with services that allow them to save money, spend smarter and in-turn avoid debt. If our users find value in these services, we will profit, if they don’t, we won’t. 

The funds from the investment round will be used to continue the development of Even’s financial wellnesses tools.

Keep reading iTMunch for the latest news, updates, and blogs.