Business Development

Andrew Naoum

2022-07-26

How Fintech is Accelerating Financial Inclusion

Access to financial services has long been a challenge for many hard-working Americans, with over half of Americans reporting living paycheck-to-paycheck. Currently, here in the US, roughly 7 million people are reported as either unbanked or underbanked, meaning they’re often overlooked or underserved when it comes to seeking financial products or services when in times of need.

At Even, we are dedicated to alleviating this issue by providing consumers the necessary optionality, transparency, and entry points to financial services that they have often been excluded from given historically exclusive financial practices. By focusing on access to consumer financial products -- just one piece of the financial services landscape -- Even has been able to help businesses improve the financial lives of their consumers, promoting financial inclusion and wellness practices throughout their consumers’ entire financial journey.

Covering the Entire credit spectrum:

In today’s climate, on average, 76% of personal loan candidates are denied when applying for a loan - and credit cards represent an even higher rate of rejection in the US. This stems from the fact that individual lenders all have their own underwriting criteria and inputs that they use to accept or decline their loan applicants. This leaves consumers in a difficult position, having to shop across multiple lenders, apply several different times, and take even more hits to their credit score. Through its mission to become the definitive search, comparison, and recommendation engine for financial services, Even has been focused on providing all consumers with real-time, personalized, trusted financial products and services offers. In order to do this, Even has amassed the industry’s largest digitally connected network of financial services providers. This allows Even to cover the entire credit spectrum of consumers, from subprime to superprime, alleviating the need for consumers to shop across multiple platforms and increasing the likelihood of approval for consumers with less than ideal credit scores. Creating an environment of financial inclusivity has become a pillar of Even’s mission when assisting our partners in promoting the financial welfare of their underlying consumer base. While this is all nice in theory, it is important to understand how this endeavor performs when put into practice. When analyzing industry data compared to performance metrics of consumers seeking products through Even’s network, the numbers speak for themselves. Our analysis concludes that access to Even’s network dramatically outperformed standard industry data, especially for consumers shopping for products through a single financial institution. On average, consumers applying for financial products via Even’s network saw a 2.5 times greater approval rate than single lenders, which led to over 3 times the amount of funded loans. This is directly indicative of the breadth of optionality Even’s network provides to consumers. By being able to connect with the largest network of lenders, Even is able to help our partners’ consumers ranging from all credit backgrounds find financial products or services that not only meet their needs, but are personalized to their specific financial situation.

Access to financial services in times of need and times of excess:

At Even, we understand that the financial lives and financial journeys of our partners’ consumer base is going to vary person-to-person. Not all consumers are going to need or are struggling to find access to credit. Access to financial services across a consumer's entire financial life cycle is paramount to create an inclusive financial experience for all involved. In addition to the vast network of partners Even has amassed covering the entire credit spectrum, Even has also established financial marketplaces addressing consumer needs across the entire financial life cycle - ranging from products addressing consumers in times of need, as well as times of excess. In times of need, consumers might be looking for access to credit such as: personal loans, student loan refinancing, auto loan refinancing, or credit card offers. In times of excess, where consumers might have extra capital at hand, Even has established marketplaces offering access to high yield savings accounts, money market accounts, or life insurance products. As a result, Even has created a platform where Financial Services Providers can create multiple touchpoints with their consumers over several years and throughout their financial life cycle. In an increasing digital age, 70% of consumers prefer marketplaces as a one-stop-shop to manage their purchases and services; and Even has created an environment where our partners can provide that level of assistance to their customer base. This approach draws direct parallels to e-commerce giants like Amazon and Walmart, which both took similar approaches to 3rd-party sellers. By incorporating 3rd-party products into their ecosystems that they either could not support or provide, they were able to service more customers and maintain their relationships with those customers, rather than redirecting them to additional channels. This marketplace approach enabled them to create and promote an ecosystem that addresses their consumers’ needs in totality instead of the existing fragmented experience consumers had come to know.

Closing:

Through its full credit spectrum offerings, Even has proven its commitment to improving the financial lives of its partners' consumers, creating an inclusive environment where all consumers can access the products that they need, when they need them. This not only includes covering the consumer spectrum, but creating an environment where banks and financial services providers can work cooperatively with one another, to better serve the needs of their customers. As Even continues to work with innovative fintechs aiming to democratize financial services, we can assist larger banks and providers through partnership opportunities creating an open and inclusive experience. Through these partnerships and consumer data and demographics, banks and financial institutions can better understand their customers behaviors and provide additional flexibility through their service models. Interested in embedding financial products into your business? Get in touch click here.

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Disclaimer: The material provided on this site is not intended to provide legal, investment, or financial advice or to indicate the suitability of any Even Financial product or service to your unique circumstances. For specific advice about your unique circumstances, you may wish to consult a qualified professional. Any information or statistical data sourced by Even Financial through hyperlinks, from third-party websites, are provided for informational purposes only. While Even Financial finds these sources to be accurate, it does not endorse or guarantee any third-party content.

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$5B+

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1,000+

partner network

27M+

consumer inquiries quarterly

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Nuula adds Term Life Insurance feature, powered by Even Financial
TORONTO, Aug. 4, 2022 -- Nuula, a fintech company focused on providing small businesses the tools and the capital they need to succeed, today announced a new Term Life Insurance feature that provides small business owners and entrepreneurs with coverage options from a network of top carriers, powered by Even Financial ("Even"), a leading embedded finance marketplace platform, and independent subsidiary of MoneyLion Inc. ("MoneyLion") (NYSE: ML). Through the Nuula app, users will now be able to shop, compare and buy Term Life Insurance, with policies up to $5MM in coverage and terms of 10-40 years. The policies in Nuula's new Term Life Insurance feature are generated and serviced by LeapLife, an insurtech platform and licensed life insurance agency, that is owned and operated by Even. "While small business owners and entrepreneurs are investing in their business, they also need to more easily invest in themselves and in the security of their loved ones," said Mark Ruddock, CEO at Nuula. "Adding Term Life Insurance further expands the range of services we are delivering to meet the diverse needs of today's small business owner." "Policyholders want a simpler way to shop around, compare policies and prices, and find a policy that is right for them," said Andrew Naoum, SVP of Sales at Even. "By partnering with Even, Nuula's small businesses are provided with a curated network of carriers rated A- and above by AM Best, world-class customer support and a search feature that matches people with the right policies and lowest available prices when and where they need it." Today's news follows the launch of a new personal loan search feature aimed towards early-stage small businesses, powered by Even. About Nuula Nuula is building the future of small business performance. Launched in 2021, Nuula is a financial services and technology company focused on serving the small to medium-sized business community. Nuula provides real-time data and analytics, allowing businesses to manage their finances, monitor their credit ratings and user reviews, and more. Nuula is an advocate of financial inclusivity and a proud partner to Kiva to create economic and social good. To learn more about Nuula, visit www.nuula.com. About Even Financial and LeapLife Even is the industry-leading embedded financial marketplace and independent subsidiary of MoneyLion Inc. ("MoneyLion") (NYSE: ML). MoneyLion is the go-to destination for personalized financial management, content, offerings and advice. As part of MoneyLion's enterprise offering, Even digitally connects and matches consumers with real-time, personalized financial product recommendations from banks, insurance carriers, and fintech companies on mobile apps, websites, and other digital touchpoints through its marketplace technology. Even's infrastructure leverages machine learning and advanced data science to solve a significant pain point in financial services customer acquisition, seamlessly bridging financial services providers (such as SoFi) and channel partners (such as TransUnion) via its industry-leading API and embedded finance marketplaces. Even enables any company to add financial products to its business, with full compliance and security at scale. Even was named one of "America's Best Startup Employers'' by Forbes for 2022 and was named to the 2021 Deloitte Technology Fast 500, which recognizes the fastest growing tech companies in the world. Learn more at www.evenfinancial.com and investors.moneylion.com. LeapLife is a licensed life insurance agency that utilizes data science, deep underwriting knowledge, and proprietary technology, enabling consumers to apply for instant-decision life insurance policies with real-time quotes, available in all 50 states. LeapLife was acquired by Even Financial (Even) in early 2020. Learn more at www.leaplife.com.
Even
Even Financial Adds Tally's Low-Interest Line of Credit to its Embedded Finance Marketplace
NEW YORK, NY, March 15, 2022 -- Even Financial ("Even"), the category-leading embedded finance marketplace and independently managed subsidiary of MoneyLion, Inc. (NYSE: ML), has announced a new partnership with Tally, a leading financial automation company, to include the company's low-interest credit offerings on its platform. "Tally has built a powerful tech-enabled system to help people solve one of the biggest financial problems today: paying off credit card debt," said Phill Rosen, Founder and CEO of Even. "We're thrilled to welcome Tally's line of credit offerings to Even's unparalleled network of financial services providers." Tally is designed to help its members pay off their debt faster and save them money on interest and late fees. Members can lower their monthly payment with Tally's lower-interest line of credit, if eligible. Typically, at least a 580 FICO score is needed. Tally's system is customized to save people as much money as possible. "Americans today owe nearly $1 trillion in credit card debt. We know from our research that many want to pay down their debt but struggle to get started. That's where Tally comes in," said Jason Huynh, VP of Credit, Analytics & Operations at Tally. "Our system combines financial automation with a low-interest line of credit to give people the help they need to get on track to pay off their credit card debt for good. We're thrilled that our partnership with Even will allow Tally to help even more people." The launch of Tally on the Even platform enables consumers to get matched with Tally's custom, low-interest line of credit accounts of up to $25,000 in just a few minutes. After getting matched, eligible consumers complete the process through the Tally app. There are no out-of-pocket costs. Tally is the latest partner to join the Even marketplace, a growing network of over 400 financial services partners and 500 channel partners covering a breadth of financial services including loans, credit cards, mortgages, savings, and insurance products. Even's marketplace technology enables any company to add financial products to its business, with full compliance and security, at scale. About Even Financial Even digitally connects and matches consumers with real-time, personalized financial product recommendations from banks, insurance carriers, and fintech companies on mobile apps, websites, and other digital touchpoints through its marketplace technology. Even's infrastructure leverages machine learning and advanced data science to solve a significant pain point in financial services customer acquisition, seamlessly bridging financial services providers (such as SoFi) and channel partners (such as TransUnion) via its industry-leading API and embedded finance marketplaces. Even enables any company to add financial products to its business, with full compliance and security at scale. Even was named one of "America's Best Startup Employers'' by Forbes for 2021 and was named to the 2021 Deloitte Technology Fast 500, which recognizes the fastest growing tech companies in the world. Learn more at www.evenfinancial.com. About Tally Tally is a consumer financial tech company pioneering full-service financial automation to help people save money, pay down their debt and reach their goals sooner. Founded in 2015, the company built the first fully automated debt manager to help put billions of dollars back in people's pockets. In 2021, Tally was named to Fast Company's Most Innovative Companies list and to Quartz's Best Companies for Remote Workers. Previously, Tally made Forbes' Next Billion Dollar Startup list, Forbes' Fintech 50 list, and the app won Real Simple's Smart Money award. Learn more at meettally.com. Media Contacts media@evenfinancial.com press@meettally.com
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Even Financial’s Embedded Finance Marketplaces Surpass $5 Billion in Credit Facilitated
NEW YORK, NY, April 19, 2022 -- Even Financial (“Even”), the category-leading embedded finance marketplace and independent subsidiary of MoneyLion, Inc. (NYSE: ML), has announced it has now facilitated over $5 billion in consumer credit, as of March 2022. Leveraging machine learning and advanced data science, Even solves a significant pain point in financial services customer acquisition by seamlessly bridging financial service providers and channel partners via its industry-leading API and embedded finance marketplaces. “Surpassing $5 billion in consumer credit facilitated through our marketplace is an enormous achievement for Even as we continue to help build the future of finance technology,” said Phill Rosen, Founder and Chief Executive Officer. “Access to credit has long been a challenge for many hard-working Americans, and we are dedicated to alleviating this issue by providing consumers personalized financial services offers that meet their needs, when they need it most. Reaching the $5 billion milestone reaffirms that our mission is driving significant value for both consumers and our partners." Even has grown its embedded finance marketplace offerings beyond loans to cover a breadth of additional financial services including credit cards, mortgages, savings, and insurance products. Within loans, Even offers the largest network of premium, connected loan providers - across a wide array of products including unsecured personal loans, secured personal loans, line of credit, student loan refinancing, and auto loan refinancing. Leading financial services providers, such as LendingClub and SoFi, partner with Even to reach qualified consumers searching for loans, benefiting from Even’s unparalleled network and native integrations. The company has continued its rapid growth trajectory in 2022, growing its network to include over 400 financial services partners and 500 channel partners. Even's marketplace technology enables any company to add financial products to its business, with full compliance and security at scale. Earlier this year, Even announced the close of its acquisition by MoneyLion, the award-winning digital financial platform, which will continue to advance their combined efforts of providing financial access and advice to hard working Americans. About Even Financial Even digitally connects and matches consumers with real-time, personalized financial product recommendations from banks, insurance carriers, and fintech companies on mobile apps, websites, and other digital touchpoints through its marketplace technology. Even's infrastructure leverages machine learning and advanced data science to solve a significant pain point in financial services customer acquisition, seamlessly bridging financial services providers (such as SoFi) and channel partners (such as TransUnion) via its industry-leading API and embedded finance marketplaces. Even enables any company to add financial products to its business, with full compliance and security at scale. Even was named one of "America's Best Startup Employers'' by Forbes for 2022 and was named to the 2021 Deloitte Technology Fast 500, which recognizes the fastest growing tech companies in the world. Learn more at evenfinancial.com. Media Contact media@evenfinancial.com