Embedded Finance Marketplaces

People change cities, plans, jobs, cars, friends; life is ever-changing. In my case, almost all of those things changed in 2014. But let’s flashback to 2013, for a moment, when a significantly less mature version of myself thought it would be an acceptable idea to have the rims and side mirrors on my car painted pink. And don’t think I stopped there; I also considered it crucial to re-fabric the interior roof with a black and white print. Needless to say I looked a bit ridiculous. At that time, I was living on Long Island where a car is a necessity and others will define you in part by the car you drive. Not long thereafter I realized that I needed to upgrade from the “pink mutant” to something more socially acceptable. So I bought a brand new car.

I continued working and driving on Long Island for about a year and a half until my plans and life changed…. Shortly after pursuing a career in line with my college degree (geology), I realized it wasn’t for me. So I started a new job search, and finally landed an amazing opportunity in Manhattan. No longer did I need my car, but I still owed around $4,000 on the loan. After a few failed attempts of trying to sell it, still with the lien, I realized I needed to pay off the remainder of the loan in full. Of course I could have dipped into my bank account, but selling the car came at a time when I was just moving into my new apartment without any furniture or kitchenware - not even a single fork or plate to eat take out chinese food on. So what (little) money I did have, had to go towards funding my day to day life. I had no idea what to do, so for two months I kept making payments on a car that was just collecting pollen in my parents driveway. Then I started thinking about ways to get $4,000 and here’s what I came up with:

Borrow it from my dad. An obvious choice and he would gladly help me out, but come on we young adults are supposed to be independent (or at least pretend to be).
Take out a loan from a bank. I don’t even like using an ATM, let alone walking through the second set of doors into what I imagined as a screaming room full of children, high on sugar and wielding uncapped markers.
Google “Marketplace Lending”. I was hearing and learning about marketplace lending, so…

I chose the last option and Googled “Marketplace Lending,” sought advice from a few trusted sources, and came to the conclusion that I should give it a shot. It’s laughably simple to use, and if you aren’t familiar with the topic I suggest reading up on it. Basically, you apply for a loan online from lenders that want to give you money at interest rates starting at around 5.99%. The interest rate you get depends on a host of variables, credit score being one of them. Using EVEN Financial’s software, I found the best personalized option, offered to me through their relationships with many different loan providers which each have their own rates and specialties. Once you choose an offer, the instructions on the website are clear and easy to follow. Name, address, social security number, etc. Did I mention this entire process is only completed digitally? The online form (singular) took me all of 5 minutes to complete. Over the following two days the lender asked me to submit two forms of proof - my utility bill and bank statement. Done and done. And then I waited for the money to be deposited into my account, which occurred several days later. Overall the experience was extremely positive.I did have some feedback about the specific company I used for the loan, for example I didn’t feel like they communicated enough with me about the status of my loan through the process, and I actually thought based on what I’d read that I would have the money even faster than I did. That said, I much preferred doing everything online and still would not have gone to a physical bank or haggled with my dad for the cash. So even with the few areas that could have been improved, I would definitely still use this process again in the event I needed cash in the future. The biggest take away is that I would likely still be paying a $400/month car payment (+ insurance) for a car that I don’t drive if marketplace lending didn’t exist. My loan was a $5,000 loan at a 7.36% interest rate. That is considerably higher than my current car loan (0.9%), but a great feature of Marketplace Lending loans - there is no prepayment penalty. When I sell my car, I pay off my loan (in full) and I can prepare for the next big change in my life, whatever that might be. Plus, I also have furniture in my apartment. And one last piece of advice - don’t ever do this to your car.

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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HAVEN LIFE

Haven Life’s All-Digital Life Insurance Application Experience Launches on Even Financial’s Leading Life Insurance Search Engine

Even features the industry’s largest multi-carrier, all-digital life insurance marketplace New York, New York – August 16, 2021 – Even Financial (“Even”), the leading search, comparison, and recommendation engine for financial services, has announced the launch of Haven Term and Haven Simple on its life insurance marketplace platform. Leveraging machine learning and advanced data science, Even solves a significant pain point in financial services customer acquisition by seamlessly bridging financial institutions and channel partners via its industry-leading API and embeddable solutions.   With the addition of Haven Term and Haven Simple, Even has further expanded its extensive network of premium life insurance offerings, strengthening its position as the industry’s largest multi-carrier, all-digital life insurance marketplace. Haven Life, which offers Haven Term and Haven Simple, and is backed and wholly owned by Massachusetts Mutual Life Insurance Company (MassMutual), is known for its customer-centric approach and for its commitment to making life insurance more affordable and accessible. Haven Life’s term life insurance offerings will be available on Even properties and via its wholly owned subsidiary LeapLife.   “In these uncertain times, the majority of U.S. adults want the financial security of high-quality life insurance, but are often dissuaded by the complex application process and need to complete an in-person medical exam,” said Phill Rosen, Founder and CEO of Even Financial. “Haven Life’s groundbreaking, all-digital application experience brings tremendous accessibility and peace-of-mind to consumers. We’re thrilled to welcome them to the Even platform.”   The launch of Haven Term and Haven Simple on the Even platform enables consumers to get matched with medically underwritten term life insurance policies that they can apply for and, if approved, purchase instantly online. While most Haven Term applicants will need to take a medical exam, Haven Simple applicants do not. Haven Life’s offerings expand the variety of life insurance options already available to consumers through Even’s API.   “Haven Life is committed to meeting life insurance customers wherever they are — and often, it's where they are managing the rest of their financial life," said Wade Seward, Head of Distribution Strategy at Haven Life. "On the heels of introducing even more affordable pricing for the Haven Term product, our partnership with Even Financial allows us to marry that affordability with greater accessibility to offer comprehensive financial protection to shared clients with ease and efficiency.”    Even entered the life insurance industry in 2020 through its acquisition of LeapLife, a leading insurtech and licenced life insurance agency. Since that acquisition, Even has worked with its large network of channel partners to make the process of getting personalized life insurance fast, easy, and accessible for consumers. In addition to Haven Term and Haven Simple, products offered by leading insurance companies including Lincoln Financial Group, Pacific Life, and Mutual of Omaha are available through LeapLife, Even’s life insurance platform. Companies such as TransUnion and Lantern by SoFi rely on Even’s embedded finance marketplaces to power 100% digital personalized life insurance policy quotes for their customers, with live agent support.   Even has continued its rapid growth trajectory in 2021 by reaching over $3 billion in consumer credit issued through its API and expanding its platform to over 800 partners. Earlier this year, Even was named one of “America’s Best Startup Employers'' by Forbes for 2021 and placed in the Top 50 of the 2020 Deloitte Technology Fast 500, which recognizes the fastest growing tech companies in the world.   About Even Financial   Founded in 2014, Even Financial is a B2B fintech company that is transforming the way financial institutions find and connect with consumers. As the leading search, comparison, and recommendation engine for financial services, Even seamlessly bridges financial institutions (such as SoFi) and channel partners (such as TransUnion) via its simple yet robust API and embeddable solutions. Even turns any consumer touchpoint into a comprehensive financial services marketplace with full compliance and security at scale. The company is backed by leading financial services firms and VCs, including American Express Ventures, Canaan Partners, Citi Ventures, Fidelity’s F-Prime Capital, Greatpoint Ventures, Goldman Sachs, LendingClub, and MassMutual Ventures. Learn more at www.evenfinancial.com.   About Haven Life Insurance Agency   Haven Life Insurance Agency, LLC (Haven Life) is re-thinking how people financially protect the ones they love. Haven Life is committed to delivering exceptional products, delightful purchasing experiences, and meaningful moments of service to the modern life insurance customer. Haven Term is a Term Life Insurance Policy (ICC21 Haven Term in certain states, including NC) issued by C.M. Life Insurance Company (C.M. Life), Enfield, CT 06082. In New York (DTC-NY), and California (DTC-CA), and other states, it is issued by Massachusetts Mutual Life Insurance Company (MassMutual), Springfield, MA 01111-0001.    Policy and rider form numbers and features may vary by state and may not be available in all states. Haven Term is available through Haven Life Insurance Agency, LLC (Haven Life), whose agency license number in California is OK71922 and in Arkansas, 100139527. Both Haven Life and C.M. Life are wholly owned subsidiaries of MassMutual.   Please note that issuing the policy or paying its benefits depends on the applicant’s insurability, based on their answers to the health questions in the application, and their truthfulness.   MassMutual and its subsidiaries C.M. Life Insurance Company and MML Bay State Life Insurance Company are rated by A.M. Best Company as A++ (Superior; Top category of 15). The rating is as of June 1, 2021 and is subject to change. MassMutual has received different ratings from other rating agencies.   Media Contact media@evenfinancial.com    

HAVEN LIFE

Haven Life’s All-Digital Life Insurance Application Experience Launches on Even Financial’s Leading Life Insurance Search Engine

YAHOO! FINANCE

Yahoo! Finance: Even Financial Reaches $3 Billion In Credit Issued Milestone

Even has surpassed a significant threshold in credit issued, having now facilitated over $3 billion in consumer credit as of July 2021. The milestone is significant in the financial services industry, as Even has also expanded its platform to over 800 partners.    Click below to read more at Yahoo! Finance.

PYMNTS

PYMNTS: Even Launches Embedded Finance App on Salesforce

Now, financial advisors and other businesses will have a way to leverage Even’s platform for their clients. ‘Financial Products for Salesforce’ - Powered by Even, a plug-and-play app available on the Salesforce AppExchange, matches consumers with real-time, personalized financial product offers.   Click below to read more at PYMNTS.com.