Every's Approach: Banking as a Hook for Startups

Every, a new HR startup founded by Rajeev Behera, is aiming to disrupt the crowded HR software market by offering a free banking and incorporation service to early-stage tech startups. This strategy, while unconventional, is designed to hook these companies early on and provide them with a comprehensive all-in-one HR solution.

• Every’s approach is to give away its banking and incorporation services for free, while charging for other HR modules such as payroll, accounting, and spend management.
• This strategy is specifically targeted at very early-stage tech startups with fewer than 200 employees.
• Every's founders believe this strategy will lead to long-term customer loyalty and growth as startups scale up and need more features.

Free Banking as a Competitive Edge

Every's free banking service is a key differentiator in a market already crowded with HR software providers like Gusto, Rippling, and Deel. Behera argues that by offering free banking and incorporation, startups are more likely to choose Every over competitors who don't provide these services.

• Every aims to capture startups at a very early stage and grow with them.
• The company’s founders believe that once a startup is incorporated and has a business bank account with Every, it will be less inclined to switch to other HR solutions.

Y Combinator Connection and Funding

Every's ties to Y Combinator, a prominent startup accelerator, have played a crucial role in its success. Behera's past experience as a co-founder of Reflektive, an HR employee review company, and his wife's role as a YC advisor have given Every access to a network of potential customers and investors.

• Every’s close relationship with YC has helped it build a customer base, with about half of its 150 customers coming from YC's network.
• This network access has also attracted funding, as several VCs, including Redpoint Ventures and Base10 Partners, were drawn to Every's model after hearing positive feedback from their portfolio companies.

Integrated HR Suite

After a 30-minute onboarding session, Every provides startups with an integrated suite of services that includes:

• Banking
• Payroll
• HR onboarding
• HR benefits
• Bookkeeping
• Taxes
• State compliance

Every's Vision and Growth

Every's founders envision a future where their company grows along with its customers. As these startups scale, Every plans to expand its suite of services and cater to their evolving needs. The founders believe that their approach, focused on providing a comprehensive and integrated HR solution from the very beginning, will set them apart in the long run.

• Every’s founders believe that while their customers will "graduate" off their platform as they grow larger, the experience will foster long-term loyalty.

Building Everything From Scratch

Every's founders have chosen to build their HR and banking products from scratch rather than partnering with other fintech companies. This decision reflects their commitment to providing a truly integrated and customized experience for their customers.

• This approach may initially seem unconventional, but it allows Every to maintain complete control over its product roadmap and adapt quickly to the changing needs of startups.

The Future of Every

With a recent $22.5 million Series A funding round, Every is well-positioned to continue growing its customer base and expanding its suite of services. The company's focus on building relationships with startups from the very beginning, offering a comprehensive HR solution, and its commitment to continuous innovation will be key to its success in the long run.

• Every is using the funding to hire more engineers and scale its team.
• The company is poised to become a major player in the HR and banking space, particularly for early-stage tech startups.