Even, backed by BCVP, bought by a fintech start-up backed by Walmart

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RALEIGH- Samea venture capital-backed startup with part of the workforce based in the Triangle, will be acquired by Walmart-backed Hazel.

The company released a blog post detailing the deal, written by company CEO David Baga. Baga’s message includes the full copy of an email he said he sent to employees of the company, which he called “Eveners”.

“I’m sure this shocks many of you,” Baga’s post notes. “This is a critical step in doing the most good for the most people.”

No employee should lose their job, Baga noted. “On the contrary, Even is poised to enter a mode of growth unlike any we’ve ever experienced,” he wrote, calling the acquisition an “unprecedented opportunity that will unlock the way employees are paid and manage their money”.

Baga outlined the rationale for the acquisition, which will provide access to Walmart’s physical and digital channels “providing solutions to its 1.6 million U.S. associates and 150 million weekly shoppers.”

Silicon Valley fintech Even, with a Raleigh founder, bolsters Triangle’s presence

ONE also to acquire

The deal also includes Hazel’s acquisition of another fintech company, ONE, and the combined company will become known as ONE after the deal closes, on The Wall Street Journal first reported. Baga’s letter to the employees confirmed this agreement.

“The result of this merger, pending regulatory approval in the coming months, is a new combined company that will leverage the ONE brand and be led by Omer IsmailBaga’s letter reads.

Even is backed by Durham-based Bull City Venture Partners and according to Crunchbasethe company previously raised some $52 million in funding.

Jason Caplain, general partner of Bull City Venture Partners, confirmed the deal to WRAL TechWire, noting in an email that it was the company’s fifth exit in the past six months. The venture capital fund will experience a cash outflow, Caplain said.

Company co-founder Quinten Farmer dropped out of North Carolina State University at age 19. WRAL TechWire profiled Farmer and company in 2019.

CNBC too reported the agreement.

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