Square has announced another addition to its growing list of acquisitions. In a blog post, the mobile payment processing company revealed that it has acquired Evenly, a service designed around helping users split transactions easily without ruining their current real-life experience. As a result of the deal, Evenly said it will be shutting down in early 2014, but will give its users advance notice in order to withdraw their outstanding balances from their account.
A Square spokesperson tells us that the newly acquired company will be working on seller initiatives, bringing the same simplicity and design that Evenly had with its own app.
The addition of Evenly could also lend itself towards the enhancement of Square Cash, which the Jack Dorsey-led company publicly launched in October. With this product, users didnât need to deploy the Square Card Reader to swap cash. Instead, they could simply send an email and that was it â a Venmo-type play.
Evenly certainly plays right into that space, with some comparing it to the PayPal-owned service. As Square looks to try and remain competitive against PayPal, it will be interesting to see how it will further transform the state of commerce and transactions. It has been expanding its reach beyond the small businesses, independent contractors, and food truck vendors towards larger businesses recently.
However, maybe itâs not about large businesses, but rather about the life experiences. Square has always been about helping make transactions easier without having to fiddle around with cash or payments â itâs about simplicity. So the addition of Evenly could help streamline the workflow so that consumers can go about their day without having to remember who owed who what and how to pay them back. Just look at Evenlyâs motto: âLife is about sharing experiences, not splitting transactions.â â focus on the here and now instead of the immaterial.
This emphasis on experiences can also be reflective of Squareâs previous acquisition of Viewfinder, which will be used to help merchants and sellers craft âpersonal, human experiencesâ.
Evenly says that its doors will remain open until January 15, 2014. After that, all data will be deleted from its servers, including card numbers and account details. Currently, users can access their accounts and deposit any remaining balances. However, its app is no longer available for download and no new registrations are being accepted.
Of course, if youâre looking for an alternative to Evenly, the company recommends Square Cash.
Hereâs Evenlyâs reaction to the announcement:
Over the past 18 months, weâve been honored to help our users pay friends, fund vacations, share adventures, and much, much more. Along the way, weâve been fueled by the belief that simplifying everyday payment experiences can help people better enjoy lifeâs moments. We couldnât imagine a better place to continue our journey than at Square.
At Square, weâll help make commerce easy for millions of buyers and sellers. Weâll tackle huge challenges alongside so many talented engineers and designers. Together, weâll continue to bring simplicity, transparency, and immediacy to commerce. Weâre thrilled about the opportunity ahead!
Thank you for giving Evenly your trust. Itâs been an honor! While we plan to shut down Evenly in early 2014, rest assured, youâll have plenty of time withdraw any outstanding balances from your account. (Learn moreÂ here). We hope youâll continue the journey with us at Square.