EvoShare tackles the retirement problem by rallying multiple entities to participate in helping Americans save while achieving benefits for all.
San Francisco, CA (PRWEB) April 25, 2016
Serial entrepreneurs Eugeny Prudchyenko and Daniil Tseytlonok, both with extensive experience with complex, multi-sided business models, announce the launch of the EvoShare Ecosystem site and service for employers, employees, and local businesses that helps individuals save for retirement by giving them 1-24% cash-back from their daily shopping that’s shared across their 401k savings account, an employer’s Employee Appreciation Account, and their favorite charity. EvoShare will be exhibiting at the Collision Conference April 26th in New Orleans and kicks off a San Francisco Bay Area Beta Program that will run from May – September before a general rollout in Q4 of 2016.
EvoShare joins several Silicon Valley start-ups that have attracted funding to make retirement savings easier for a broader set of the population, including working class and lower income families. EvoShare tackles the retirement problem by rallying multiple entities to participate in helping Americans save while achieving benefits for all. The company’s approach is unique in that it is 401k plan-independent, accessible to any employer that sponsors a 401k plan, and makes it easy for employees to save more for retirement, make charitable contributions, and support local businesses without needing to change their spending habits. The EvoShare Ecosystem site utilizes the safe and secure funds transfer system powered by Envestnet Yodlee, the leading data aggregation and data analytics platform that is used by more than 950 companies including most of the 20 largest U.S. banks.
Since many Americans feel they can’t afford to save, the EvoShare approach gives them cash-back automatically as they shop for food, clothes, household items and services. As EvoSavers shop at EvoShare local businesses they earn 1-20% cash-back for their 401k account, 1% for their charity of choice and 1% for their employer’s Employee Appreciation Account which is used for their professional and team development.
The EvoShare model provides a benefit to all involved – employers, employees, local businesses, 401k providers, and charities. Here’s how it works:
- For employers, EvoShare reduces hiring costs by increasing employee retention, improving 401k plan ADP/ACP compliance with more contributions from a broader spectrum of employees, and enhancing a company’s Corporate Social Responsibility reputation by encouraging employees to save more for retirement, make charitable contributions and support local businesses. Employers simply add EvoShare to their existing 401k benefits plan and set up payroll to periodically increase employee contributions to their 401k accounts based on employees’ EvoShare transactions.
- Wealth management companies, HR outsourcers and payroll services companies that offer 401k plans to employers can sign-up to add the EvoShare service directly to their existing plans as a way to attract new clients and increase the funds they manage.
- Local Businesses can join the EvoShare Ecosystem on evoshare.com at no charge. EvoShare Businesses gain new, loyal, repeat customers without increasing up-front marketing costs since they only pay cash-back after a sale is made and in direct proportion to the size of the transaction. To date, 279 San Francisco Bay Area restaurants, supermarkets, bakeries, coffee shops, jewelry stores, salons and online merchants where individuals can get cash-back.
- For Charities, EvoShare provides a no-cost, low-friction fundraising channel that helps develop sustainable relationships with contributors. Charities can sign up on evoshare.com and when an individual selects them as their EvoShare charity the contributions will be automatic.
“In 2014 after being forced to leave our homes in Donetsk due to the war instigated by Russian rebels, Daniil Tseytlonok my long-time friend, co-founder and EvoShare’s CTO and I were evaluating our futures and didn’t see much of one for us in the Ukraine, despite having successfully built and sold multiple technology start-ups.” said Eugeny Prudchyenko, CEO and co-founder of EvoShare, “As we looked to the U.S., we saw a system full of opportunities for citizens that we could only dream about in the Ukraine – opportunities to save for a secure future, have quality employment with professional development, and give back to our communities – but we learned that the majority of Americans were not taking advantage of those opportunities. As outsiders, we were able to look at the system and see ways to maximize it to everyone’s benefit.”
EvoShare Selected for Collision Conference 2016 ALPHA Program
EvoShare will be at the Collision Conference in New Orleans April 26-28th. EvoShare was selected to participate in the Collision ALPHA program for startups. The company will be exhibiting on Day 1 of the event, Tuesday, April 26, in stand number C149 in the exhibition hall. http://www.collisionconf.com
Founded in Silicon Valley in 2014, EvoShare tackles the retirement savings problem by creating an ecosystem of employers and local businesses that gives cash-back to an individual's 401k and favorite charity as they shop and eat supporting the local community, regardless of payment method. EvoShare’s model makes it easier for individual’s to automatically save more for retirement without changing their spending habits. The EvoShare automated funds transfer system, which is powered by Envestnet Yodlee and captures cash paid receipts, tracks all of an EvoSavers cash-back earnings and shares 1-20% to their 401k account through payroll, 1% to their employer’s Employee Appreciation Account, and 1% to their favorite charity. http://www.evoshare.com