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Photo: Even

Salesforce chief Marc Benioff and PayPal Ventures are joining the latest funding round for Oakland-based start-up Even, which aims to provide a better alternative to payday loans.

Why it matters: Historically, those who need an advance on their pay often have few options and pay extremely high fees and interest rates.

Details: Even says it isn't disclosing how much it raised, saying it wants to focus not on the amount, but who is aligning themselves with the company.

  • The service now has more than 550,000 monthly active users, many from initial customer Walmart, though it has signed other unnamed large companies as well.

How it works: As we first wrote last year, Even is a subscription service that employers can offer to workers (either subsidized or not) to let them track their wages, begin saving and, when necessary, get some of their pay a bit early.

  • It charges the same amount per worker per month (roughly $6 to $8) whether they get a payday advance or not. CEO Jon Schlossberg told Axios the goal is to get people to start saving, noting 90% of people save virtually nothing each month. The advances on earned pay are meant so users without savings don’t dig themselves into a deeper hole.
  • "We don't trap you in a cycle of relying on it as can happen with many of the other products in that space," Schlossberg said. "People think it's too good to be true. That really is a scathing review of the financial services industry."

Go deeper

Updated 34 mins ago - Sports

Swimmer Chase Kalisz first American to win Olympics gold medal

Chase Kalisz of Team United States celebrates after winning the Men's 400m Individual Medley Final on day two of the Tokyo 2020 Olympic Games at Tokyo Aquatics Centre in Tokyo, Japan. Photo: Al Bello/Getty Images

Swimmer Chase Kalisz has become the first Team United States Olympian to win gold at the Tokyo Games.

The big picture: The Rio 2016 silver medalist's winning time in the men's 400 meters Individual Medley Final was 4 minutes 9.42 seconds. His teammate Jay Litherland took silver, .86 seconds behind him.

California's largest wildfire razes homes as 88 huge blazes burn in U.S.

Firefighters on the scene as dozens of homes burn during the Dixie Fire in the Indian Falls neighborhood of unincorporated Plumas County, California, on July 24. Photo: Josh Edelson/AFP via Getty Images

Flames from California's biggest wildfire were engulfing homes in the state's north overnight — one of 88 large blazes raging in the U.S.

Driving the news: The Dixie Fire, which erupted July 14 near the origin of the deadly 2018 Camp Fire in Butte County, was tearing through the community of Indian Falls, per AP.

Golfer Bryson DeChambeau will miss Olympics after testing positive for COVID

Bryson DeChambeau of the United States on the 18th tee during Day Two of the 149th Open at Royal St George’s Golf Club on July 16 in Sandwich, England. Photo: Andrew Redington/Getty Images

Golfer Bryson DeChambeau has tested positive for COVID-19 and will miss the Tokyo Olympic Games, USA Golf announced late Saturday.

What's happening: "Patrick Reed will replace DeChambeau and is undergoing the requisite testing protocol" Sunday and Monday before his expected departure for Japan, per a USA Golf statement.