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Square Acquires Evenly, A Venmo Competitor For Sending And Receiving Payments With Friends
Square has just announced that it has acquired Evenly, a company that was built to make it easy for friends to send and receive payments for splitting bills and other expenses. The company was founded in 2012, and was similar in concept to Venmo, an NYC-based startup that was acquired by Braintree last year.
Evenly offered a mobile app that let people send and receive requests for funds from their contacts list, organized around events and experiences. For each participant in a pool, it would list what a user owed and what they’d already paid, if any, and you could see progress towards the total cost of an event displayed visually, as well as send reminders to all parties involved that they have to pay up. There’s also an activity feed that tracks progress and adds a social element to the bill sharing.
Evenly will remain open and active until January 15, 2014 for existing users, and the team says on its own blog that it will give existing users “plenty of time” to get money out of the app and finish collections. Users can find out more here at an FAQ designed to guide those who will be transitioning off of the service. The app has been removed from the App Store, however, and new user registrations are turned off completely.
On Square’s Engineering blog, the payment company’s Product Engineering Lead Gokul Rajaram says that the Evenly team will be working on “seller initiatives,” and it seems likely this is designed to bring Evenly’s talented five-person engineering and design team into the fold to boost Square Cash and help it continue to ‘square’ off against the now Braintree-owned Venmo and Google Wallet.
Developing…
Source: http://techcrunch.com/2013/12/11/square-acquires-evenly/
