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."

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Illustration: Aïda Amer/Axios

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  2. U.S.: Total confirmed cases as of 1 p.m. ET: 2,809,108 — Total deaths: 129,509 — Total recoveries: 883,561 — Total tested: 34,213,497Map.
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  5. Politics: Trump extends PPP application deadlineKimberly Guilfoyle tests positive.
  6. World: Mexican leaders call for tighter border control as infections rise in U.S.
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U.S. coronavirus infections hit record highs for 3 straight days

Illustration: Aïda Amer/Axios

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The big picture: The number of coronavirus cases increased in the vast majority of states over the last week, and decreased in only two states plus the District of Columbia, Axios' Andrew Witherspoon and Caitlin Owens report.

Updated 2 hours ago - Politics & Policy

Colorado police chief fires officers who reenacted Elijah McClain's death

LaWayne Mosley, father of Elijah McClain, wears a t-shirt with is son's picture on it during a press conference in Oct. 2019. Photo: Andy Cross/MediaNewsGroup/The Denver Post via Getty Images

Interim Aurora, Colo., police chief Vanessa Wilson fired two officers for reenacting the death of 23-year-old Elijah McClain and a third officer for commenting on the photo that captured the "despicable act," The Washington Post reports.

Why it matters: McClain died in the summer of 2019 after police officers held him in a chokehold and paramedics used a sedative, ketamine. People have been protesting McClain's death recently after the police killing of George Floyd revitalized the movement against police brutality.