When I think back over the last year since we started building Everee, there are several moments I’ll never forget. Finding our banking partner.
Launching the initial experiences in our app. Getting our first customers. Receiving feedback from employees who are now getting paid daily.
Two weeks ago, we hit our biggest milestone to date. We closed our seed funding round of $4M, partnering with a large family office based in Salt Lake City. We also recently secured a credit facility of $500K through our partner bank to support our Pay Your Way feature. Pay Your Way allows companies to keep their cash flow on their existing biweekly or semi-monthly payroll schedule, while empowering employees to choose when they get paid — even as often as daily.
Both were a huge step forward for our mission to humanize and modernize the HR and payroll experience for small businesses. Securing this funding will accelerate our work, allowing us to continue to hire developers, add new functionality to our platform and begin building out marketing and customer success teams.
And we know progress towards our mission can’t wait. Too many people are suffering unintended consequences due to rigid payroll cycles. More than 12M people take out payday loans annually, and nearly a third of Americans (30%) have used at least one alternative borrowing method within the past five years. It’s time to give employees control over their earnings, so we can improve people’s financial health and overall well-being.
With Everee, employees won’t have to take out a payday loan to make a credit card payment. Or worry if the groceries will stretch a few more days. They’ll get paid for the work they’ve done when they need it, at no cost to them! Employers who offer this life-changing benefit will be rewarded with happier employees and lower turnover rates, not to mention a recruiting boon when word gets out that employees can set their own pay schedule.
This mission is what drives every single Everee employee. And if there’s one thing I learned during the funding process, it’s that leading with your mission matters. You can’t underestimate the power of a mission that people want to be a part of, and we’re grateful our funding partners are energized to solve the payroll problem with us. Like us, they believe it’s time to give employees an alternative to the predatory practices of payday lenders, banks and credit card companies. We’re giving the power back to the employees, and that’s what fuels us.
Collectively, our leadership team has decades of experience as HR and payroll leaders. We know what’s broken with the pricing model, hidden fees and poor user experience that persist with legacy software providers in this space. We’ve been in our customers’ shoes. And we won’t stop innovating and scaling until we improve the payroll experience for employers and employees everywhere. I hope you’ll follow us along on the journey.