Even Staff


Why Borrowing is Getting Easier for the Consumer

With friction disappearing in every possible area one can think of, borrowing money should not be a painful experience. For the moment, however, that’s mostly still just theory.  In practice, there are still many issues for people in getting easy access to funds to help with everything from home repairs to preschool. rejected2-300x175 For starters, there’s the way institutions look at you as a borrower.  Traditional credit metrics like FICO now seem restrictive and outdated because they were designed at a time when much less data could be known about potential borrowers. These metrics don’t take into account many characteristics that would make someone a better credit risk than those blunt scores would indicate. Those scores and the way they are calculated are still less than transparent, making it difficult for borrowers to even know how they could be better managing their public-facing profile. Second, traditional banks have become more restrictive regarding who they will lend to.  This means that many borrowers with less than perfect scores will be shut out of the system entirely.  Third, in the traditional models, applying for and getting cash can be a time consuming process that does not get people cash when they need it. And lastly, there is a limited range of products available to borrowers at traditional institutions. This isn’t how things should be, and thankfully the world of consumer lending is changing.  A new generation of lenders can see people as more than just their credit score, and are creating more transparent and robust systems to make real-time decisions on lending that take more characteristics into account.  Because lenders have more information about borrowers available to them, such as career and education, and the investors who buy the loans, a more complete picture of “what works” is emerging and allowing for those scoring systems to evolve. This information availability and competitive scoring creates competition among lenders, which helps to lower borrowing rates for consumers. These lenders are also making it easier for borrowers by offering services online and with easy user experiences - a natural evolution for a world where the internet is a consumer’s first stop; not an adjacent access point. These improvements are noteworthy, but much still remains to be done.  In retail, such as in the restaurant or travel industries, consumers can get a variety of options presented to them by different vendors along with ratings and reviews at services like Expedia, Kayak and TripAdvisor.  Consumer borrowers, however, still have to go to multiple lenders or sites to find out all options.  Information is fractured and incomplete, which makes the experience confusing and frustrating for a borrower.  A consumer might, for example, hear about a lender on the radio or in a subway ad, go to their website, only to be rejected for a loan -- when another lender that specializes in their type of loan or credit profile would have approved them and they could have had their money in days. subwaywall-300x200 The infrastructure for real-time lending is in its early stages.  Many lenders haven’t built out the necessary tools to enable the best user experience. And even if that infrastructure were present, the market-based model of alternative lending still requires more liquidity.  Transparency with new credit models is growing but still in its infancy, so borrowers are still too far in the dark to make informed financial planning decisions. Outside of the world of consumer lending, financial services integrations are still rare between disparate products.  Financial planning and automated investment services such as Betterment and Wealthfront help consumers save and invest, and credit-report services such as freecreditreport.com Credit Karma, and Credit Sesame help consumers understand traditional scores - but why can’t all of these services be combined into a comprehensive view that combines debt, savings, risk and investing? The reason, just as within the alternative lending space itself, is the infrastructure- the connective tissue necessary to power the next generation of consumer financial services is not yet present. Even Financial’s goal is to address this connective tissue problem, initially by bringing more and better quality borrowers into the marketplace lending ecosystem - and by using data more effectively to match borrowers with the right lender and loan product at the right rate. happy-people-300x209

From there, we’ll see...

Disclamer: 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. Although we promote products and services form our partners, our opinions are our own.

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Goldman Sachs-backed Even Financial, a digital matchmaker between banks and customers, just bought an insurance startup as life insurers are seeing policy applications boom

Even Financial has acquired LeapLife, a leading insurtech platform. The addition of LeapLife allows Even to immediately commence its insurance capabilities, aimed at simplifying and enhancing the way consumers search, compare, and get matched with insurance policies (LeapLife’s existing platform will continue to operate from leaplife.com). Business Insider wrote an article about it, interviewing our CEO and Founder Phill Rosen.

Even Financial Launches Insurance Offerings With Strategic Acquisition of LeapLife, a Leading Insurtech Platform

Pioneering B2B Fintech Expands its Industry-Leading Financial Services Monetization Platform to Help Insurance Carriers Find and Connect with Consumers New York, New York – April 22, 2020 – Even Financial (Even), the leading API for financial services search, acquisition, and monetization, announced today that it will be launching services for the insurance industry through the acquisition of LeapLife, an insurtech platform and digital life insurance agency.  The addition of LeapLife allows Even to immediately commence its insurance capabilities, aimed at simplifying and enhancing the way consumers search, compare, and get matched with insurance policies (LeapLife’s existing platform will continue to operate from leaplife.com). Even and LeapLife now offer the only full end-to-end, multi-carrier digital life insurance marketplace experience. Over the coming weeks, Even will further integrate LeapLife’s technology and insurance offering into its industry-leading API, making turnkey insurance marketplaces programmatically available to a vast network of channel partners — when and where their consumers are most in need — while also enabling the company to expand to other insurance sectors, including homeowners, renters and auto insurance. This adds to Even’s peerless breadth of real-time, personalized financial product offers — an expansive suite that already includes loans, savings, credit cards, and more.  “Even’s goal to evolve how financial institutions find and connect with consumers is not limited to loans or credit cards, but applicable to all financial products and services, including insurance,” said Phill Rosen, Even Founder and CEO. “Despite its importance, purchasing life insurance is often an overwhelming and inconvenient experience. With more than $600 billion in premiums paid each year, and only 6% of policies sold completely online, we see tremendous opportunities to help modernize the life insurance industry and offer solutions that solve challenges for consumers and carriers alike.”  LeapLife is an established insurtech platform and digital 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. LeapLife works with many best-in-class insurance carriers to offer consumers a seamless experience from beginning to end. This approach made Even and Leaplife a perfect match. As a digital insurance broker, LeapLife offers personalized life insurance recommendations based on a consumer’s unique needs. Paired with the Even API, which enables customer acquisition for insurance to be native and programmatic, consumers benefit from a more streamlined, transparent, and highly personalized experience when shopping for life insurance.  Just as Even’s 2018 acquisition of Birch (the award-winning credit card rewards app) allowed the company to accelerate its expansion into credit cards, the addition of LeapLife will similarly put Even at the forefront of consumer insurance offerings.  Charles Svirk of MassMutual Ventures, an investor in Even, said “The Even and LeapLife teams share a vision that the future of insurance acquisition will rely on the power of data-driven, programmatic distribution. We are thrilled to support them as their industry experience, impressive technology, and trusted relationships will help scale Even’s insurance offering and build partnerships to provide these critical innovations in insurance acquisition.” The Even API and platform solve significant, long-standing pain points in financial services acquisition by seamlessly connecting supply and demand. Even has continued its rapid growth trajectory in 2020, surpassing over $1.5 billion in credit issued through its API and expanding its platform to over 400 partners. Even has secured over $55 million in funding from major financial institutions, venture capital firms, and fintechs to back its goal to evolve the financial services acquisition ecosystem.   About Even Financial Founded in 2015, Even Financial is a B2B fintech company that is transforming the way financial institutions find and connect with consumers. By seamlessly bridging financial institutions (including American Express, Goldman Sachs, and SoFi) and channel partners (such as TransUnion and The Penny Hoarder) via its industry-leading API, Even turns any consumer touchpoint into an ROI-driven, fully customizable, programmatic acquisition source for financial product offers with full compliance, security, and scale across loans, savings, credit cards, insurance, and more. Even is backed by leading financial services firms and VCs including American Express Ventures, Canaan Partners, Citi Ventures, F-Prime Capital (Fidelity), Greatpoint Ventures, Goldman Sachs, LendingClub, and MassMutual Ventures. Even is the leading search, comparison, and recommendation engine for financial services. Media Contact: media@evenfinancial.com

Even CEO/Founder Phill Rosen quoted in Protocol Braintrust Newsletter

Our CEO and Founder Phillip Rosen was included in the most recent Protocol Braintrust newsletter along with answers from some thought leaders from Plaid, Slack, and DuckDuckGo!