Cash Back Program May Be Used for Student Loan Repayments

EvoShare, a microsavings oriented FinTech startup based in Berkeley, California, has partnered with Money Intelligence, a 401(k) platform provider located in Santa Clara, California, to make it hassle-free and inexpensive for every business in America to offer a quality retirement plan.

EvoShare is a cash-back retirement savings program that is giving employees a new, automated way to save for their retirement. EvoShare provides employees with a “set it and forget it” experience where they can spend as usual at over 10,000 participating businesses and receive up to 20% cash back toward a financial account; 401(k) or 403(b) plan, student loan, and/or 529 plan.

EvoShare aims to serve thousands of plan participants on the Money Intelligence platform. Money Intelligence’s capabilities to automate 401(k) administration will create a unified experience that will allow participants to seamlessly apply their cash-back dollars toward their 401(k) plan. Thanks to Money Intelligence’s 401(k) administration capabilities, EvoShare will be able to fully automate retirement plan contributions based on cash-back earnings.

“We know that employers want to avoid additional workload when it comes employee benefits,” says Eugeny Prudchyenko, CEO of EvoShare. “From now on, plan sponsors that are clients of Money Intelligence won’t have to do anything in order to offer EvoShare to plan participants.”

Money Intelligence is the first 401(k) provider to embrace EvoShare and help pioneer a new way for every American to save for a 401(k) plan. This partnership will empower small businesses to offer a one-of-a-kind benefit to employees. Money Intelligence views this partnership a great stride toward solving America’s retirement crisis by helping every American to save for their retirement regardless of their financial position.