EvoShare, a microsavings oriented FinTech startup based in Berkeley, California, and intellicents, a national independent financial services firm headquartered in Albert Lea, Minnesota, have partnered to launch “myCents, because every cent counts.”
According to the firms, the partnership will provide employers with an entirely new engine for financial wellness, one that automatically puts more money in employees’ pockets; increases plan participation and contributions; and does it all without requiring employees to change their spending habits.
EvoShare’s proprietary system powering myCents turns up to 30% of every dollar spent at over 10,000 partnered local and online stores into additional contributions toward financial savings accounts such as a 401(k) or 403(b) plan, IRA or Roth IRA, and 529 College Savings Plan.
intellicents’ mission with myCents is to make saving for retirement a daily habit. “We are very excited about this,” says Grant Arends, president of intellicents. “Who would’ve thought that shopping online at Macy’s, Target, Walmart, ebay and over 1,300 other online retailers could result in more retirement income for the American worker? Or that going out to eat at a local restaurant with your kids could give you a contribution into their college savings fund for the future? Thanks to our partnership with EvoShare, myCents will be a great value-add that we can bring to our clients as part of our overall financial wellness initiative.”Last year, EvoShare announced a partnership with Money Intelligence, a 401(k) platform provider located in Santa Clara, California, to allow participants on the Money Intelligence platform to apply their cash-back dollars toward their 401(k) plan.