Compliance
2021-10-21
At Even, it is fundamental to our business to take a proactive approach to compliance. It’s one thing for a company to say it’s committed to upholding the laws and regulations of its industry, it’s another to actually see that commitment through, as it requires a dedicated, well-researched plan of attack when it comes to compliance standards and practices.
For a company like Even in particular, we have an obligation to multiple parties beyond just Even itself, from a compliance point of view. This includes our broad network of channel partners who embed our technology and, in turn, the consumers that access the Even API via these channels.
Licensed to Thrive
One aspect of compliance where commitment is especially crucial is licensing. Any company providing some type of financial service, whether directly or as a lead broker, must comply with applicable licensing requirements at the state level. In the case of a fintech company like Even, licenses ensure that we are providing services in a safe, responsible manner, and that consumers are protected from predatory or other illegal business practices.
As the definitive search, comparison, and recommendation engine for financial services, Even does not take its licensing requirements lightly. Obtaining and maintaining proper licenses requires diligent work, as they encompass a broad set of financial services and vary from state to state. For example, one state’s licensing requirements may depend on the amount of the loan, while another’s may hinge on compensation models.
Along with our network of financial institutions, we collectively shoulder the responsibility to create a truly turnkey experience for our channel partners from a compliance perspective, no matter what kind of integration they utilize to access the Even platform. In the licensing landscape for financial services, Even essentially acts as the middleman between the providers in our network and consumers seeking a financial service through one of our channel partners.
Say CNBC wants to build their own personal loans marketplace on their website. It would require several individual relationships with lenders to ensure their products are being marketed with proper licenses in place. With Even, however, we shoulder all of the licensing requirements for our large network of channel partners, like CNBC, as we are the connection to the lenders and have those relationships already in place. In turn, our channel partners facilitate high-tech marketing to integrate our services, which allows us to assist our regulated lending partners and their borrowers in loan transactions.
The Even Umbrella
Achieving these goals — to construct what we refer to as the “Even licensing umbrella of coverage” — requires planning, action, and communication.
Planning necessitates an ongoing survey of all 50 states, to better understand their compliance standards, lending laws, and which licenses are required based on Even’s business model. For instance, all 50 states require licenses to broker mortgage and insurance products, while consumer lending products, like personal loans, have different enforcements in each state. Therefore, a certain state license for consumer lending may not be required based on your company’s business model.
After assessing the landscape, we then take action by working diligently to obtain and maintain licenses, which requires constant attention to ensure we stay on track of evolving laws and regulations, and in anticipation of renewals.
Finally, clear communication, both internally and externally, is key to a successful and smooth licensing program. We employ a team that understands each state and its requirements, as licensed entities are subject to annual audits by state regulators who examine everything from your services and products, to your advertising and disclosures, to your financial records, and beyond.
To date, Even has secured 110 licenses across our personal loan, mortgage, and insurance product verticals. The extent of our work and number of licenses we have secured are unparalleled in the financial services industry for a business of our nature.
At Even, compliance isn’t just a talking point, it’s a company mission fostered on dedication, accuracy, and teamwork. Our commitment to licensing reflects that, creating an umbrella of coverage that our partners can depend on.
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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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.
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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.
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