EvoShare, a microsavings oriented FinTech startup based in Berkeley, CA, and intellicents, a national independent financial services firm centered on the employee benefit relationship, headquartered in Albert Lea, MN, are announcing their partnership to launch "myCents, because every cent counts."
myCents will offer employees additional 401(k) contributions in the form of cash-back from their everyday spending. This partnership will also 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. This new program furthers intellicents’ commitment to enacting solutions that combine people smarts and great technology toward helping the American worker make their dreams a reality.
“intellicents is a true leader in embracing technology that wins the hearts of employers and employees. This partnership is a real testament to that,” said Eugeny Prudchyenko, CEO of EvoShare.
intellicents’ mission with myCents is to make saving for retirement a daily habit. “We are very excited about this,” commented 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.”
By tapping into the unique benefit of EvoShare’s cash-back platform, the myCents program can start putting extra money into employees’ retirement accounts from day one. Rather than offering just advice and education, the myCents program will be producing additional contributions to the 401(k) accounts of employees without it coming out of their pockets - or their employers’. It’s a whole new way to save for a brighter tomorrow - by spending as usual today.