EvoShare, a micro savings-oriented FinTech startup that allows for cashback rewards in 401(k)s, made two major announcements in as many weeks, continuing to expand despite the ongoing coronavirus pandemic.
The company, based in Berkeley, California, announced a partnership with Wichita, Kan.-based IMA Wealth, an independent investment advisor. That announcement was quickly followed by news that Scott Revare, former Managing Director at Fi360, had joined EvoShare as its Chief Operating Officer (COO).
EvoShare’s technology turns a percentage of every dollar spent at local and online stores into additional contributions for a financial savings account like a 401(k), IRA, or 529 College Savings Plan. Similar to Rakuten Ebates (but more advanced and savings plan-related), they receive up to 30% cash-back towards their retirement plan, savings account, or student loan repayment.
IMA Wealth specializes in providing wealth management and retirement plan consulting services to individuals, families and corporations.
“Working with IMA Wealth will allow us to help employees at any level of compensation to start adding to their savings on a daily basis,” Eugeny Prudchyenko, CEO of EvoShare, said in a statement. “It’s a big step toward our mission of enabling every American to save more for retirement.”
New COO
Revare has co-founded and served as CEO of two financial services software companies that were acquired in the past 10 years, including when The Center for Fiduciary Management (CFFM/FiRM) was acquired by Fi360 in 2018. He served as Managing Director at Fi360 until Fi360 was acquired by Broadridge in late 2019.
“As we’ve continued to expand, the complexities of the business have only grown,” Prudchyenko noted. “We’re happy to have Scott’s depth of experience and knowledge to help guide us through this expansion.”
“I’m very excited to work with EvoShare as their growth accelerates”, Revare added. “EvoShare’s model of increasing 401(k) savings based on cashback from employee’s spending is a no-brainer for employers to adopt – especially in the environment we’re in now with COVID-19.”
With more than 20 years serving financial markets, John Sullivan is the former editor-in-chief of Investment Advisor magazine and retirement editor of ThinkAdvisor.com. Sullivan is also the former editor of Boomer Market Advisor and Bank Advisor magazines, and has a background in the insurance and investment industries in addition to his journalism roots.
