Cashless Participation™ enables Global Shares’ clients to help employees own, on average, 50-150% more company stock through their ESPP while reducing market exposure
NEW YORK, Sept. 16, 2020 /PRNewswire/ — Carver Edison, an award-winning New York City based financial technology company that is transforming employee compensation, announced a new partnership with Global Shares, a leading global fintech provider of employee ownership and share dealing solutions. By leveraging Carver Edison’s patented Cashless Participation™, employees at public companies can acquire significantly more stock through their Employee Stock Purchase Plans (ESPP) to help build sustainable wealth.
Equity compensation, and specifically employee stock ownership, has the potential to help millions of workers who are facing limited wage growth and difficulty saving. Broadening access to the market and reducing financial risk is crucial to connecting more individuals, particularly lower-income earners, to the wealth-building power of the equities markets.
“We built Carver Edison to help America’s working class finally get ahead,” said Aaron Shapiro, Carver Edison’s Founder and CEO. “Cashless Participation™, for the first time, removes the friction between increasing compensation for employees and delivering value for shareholders. We’re thrilled to be partnering with Global Shares to bring our technology to a greater segment of the US market as well as global markets, and to many more families who will benefit tremendously.”
This partnership focuses on two products, Cashless Participation™ and Carbon™:
- Cashless Participation™: This patented technology is an enhancement to global ESPPs that allows employees to maximize their ESPP contribution with limited payroll deductions. Participating employees will own more shares than they otherwise would have been able to afford – without seeing their paychecks shrink.
- Carbon™: This is the world’s first platform that allows companies to design, schedule and launch education campaigns for their global stock plans (including ESPPs, RSUs and options). Carbon streamlines and simplifies access to critical information so that these benefits can be understood and supported with ease. Educational content is available in 10 different languages across more than 100 countries.
Hugh Curran, Managing Director Global Shares North America, said: “Global Shares is a FinTech leader in the employee stock ownership space, simplifying the management of equity plans for companies and making life easy for their employees. We’re delighted to offer Carver Edison’s Cashless Participation™ to our clients and give employees the opportunity to invest more in the stock of the companies where they work. There are multiple advantages to this approach – Our clients get to raise capital; plan participation rates increase; and employees get to share in the wealth created by the success of all their hard work.”
Tim Houstoun, CEO of Global Shares, said: “Employee ownership is on the rise as a proven way for companies to engage their workforce, align the interests of employees and shareholders, as well as facilitate the distribution of wealth to create a fairer society. Cashless Participation™ is a superb solution to assist employees increase their shareholding and generate future wealth.”
“In the current environment and ‘new world of work’ employee ownership is also an excellent way to assist companies retain their winning staff, build trust around shared goals, and unite to overcome the economic turbulence together.”
“Our growing client base includes the largest public company and largest private company in the world. We look forward to rolling out Carver Edison’s impressive financial technology to our clients and their employees in the US and beyond.”
About Carver Edison:
Carver Edison is a New York City-based financial technology company committed to revolutionizing Employee Stock Purchase Plans (ESPPs). Carver Edison works with public companies to increase stock plan participation rates through its Cashless Participation™ technology and education platform, Carbon™. The company is backed by leading fintech entrepreneurs and executives, including Eli Broverman, co-founder of Betterment, and Jeff Cruttenden, co-founder of Acorns. Its Cashless Participation technology was recognized by Fast Company Magazine as a World Changing Idea.