EvoShare is here to revolutionize the world of saving for a 401(k). Imagine being able to save for your retirement -- while shopping! That’s what EvoShare can offer you. Their financial platform allows you to save for your 401(k) while shopping locally and online. As of April 2018, EvoShare estimates that they have over 9,800 merchants in their network, with 1,500 of them being online. Their program can recapture up to 30% of employees’ purchases, which are turned into rewards. Those rewards are then converted into automatic 401(k) or 403(b) contributions through EvoShare’s patent-pending process. EvoShare’s total user transactions are over $50,000, and they’ve signed letters of intent with BrightDime, Mintco Financial, and Mariner Retirement. They’re also currently in pilot programs with Americas401, Paypro, and Perry & Associates.
Founder Profile: The Team Turning Everyday Spending Into Retirement Savings: Eugeny Prudchyenko and Dan Tseytlonok
Over a third of all private sector employees don’t have access to an employer-sponsored retirement plan. Even worse, about 30% of those with an employer-sponsored plan choose to not even opt in. Crucial retirement saving has become a complex dilemma of both access and motivation.
The structure of the current retirement industry is a fascinating experiment of human psychology. We’re myopic creatures by nature, so making costly sacrifices on an already modest paycheck can often seem dishearteningly fruitless. How can we realistically expect everyone to make the necessary retirement decisions with such limited access and means?
EvoShare, a platform designed to automate retirement contributions as a portion of personal spending, aims to close this gap. Founded by Ukrainian business partners and best friends Eugeny Prudchyenko and Dan Tseytlonok, the two have buckled down to reshape how individuals approach and understand their retirement savings in this age of digital consumerism. I had the pleasure of chatting with Eugeny and his CFO Robert Warner as the two walked me through their vision for EvoShare.