How Ukrainian Entrepreneur Eugeny Prudchyenko Is Safeguarding America's Financial Future

Berkeley, California--(Newsfile Corp. - April 4, 2023) - Best friends, Eugeny Prudchyenko and Dan Tseytlonok are from Donetsk, Ukraine. In 2014, their hometown and the people who lived there began struggling to adjust with the changes brought from outside forces. Eugeny and Dan didn't enjoy these changes and neither did their families, but they didn't have the power to make a difference. Many of their friends had moved away and others were wishing they could.

Eugeny would eventually flee his home for fear of what would happen to his family if they stayed. The situation was unsafe and he wanted a better life free of the complications he was currently facing. Even if he decided otherwise, Eugeny had already lost his business to the conflict. Eugeny decided to focus primarily on the IT business he had started, as he saw this industry as the best way to create a sustainable and successful business that didn't need a physical location and could be managed from anywhere in the world. Eugeny, together with Dan, moved software engineers, QA developers, and other IT workers to the Ukrainian capital of Kiev where they would start operations. However, Eugeny and his partner realized that the business couldn't function in Ukraine with so much turbulence.

Therefore, both men who were successful co-founders of multiple businesses decided to move abroad. They created a list of 100 cities to decide where their next business would be, but the reality of leaving relatives, friends, and the places of their childhood was disheartening.

San Francisco, London, and Singapore was Eugeny's top three choices for business operations. Eugeny had visited London and Singapore, but he had never been to the United States. His business never required him to explore the area, but now he was interested in what opportunities he could find. Eugeny knew America had been kind to his country during these difficult times and thought this could be the perfect opportunity to return the favor to Americans on their own soil. With that, the friends booked a trip to San Francisco. Once Eugeny and Dan arrived in the Bay Area, they were convinced they found the perfect place for a growing tech business. The two stayed in San Francisco and founded a company with a different business model compared to what they have now.

The company had a marketing tool to help small businesses attract new clients, which could've been a successful idea if a wealthy company didn't have the same one. Eugeny was attempting to compete with this competitor and simply couldn't keep up. Businesses that the company was pitching to didn't see the benefit of letting customers contribute small amounts of purchases to different charities. Eugeny knew this was largely because their service didn't increase customer sales. It only funneled money to good causes customers chose to support.

After two years of struggling to get by with the business, Eugeny and Dan decided to close operations. Eugeny was saddened with the failure and took his family for a lake trip that might serve as a distraction. Ironically, they never made it to the lake that day because Eugeny unexpectedly found inspiration from a billboard. He was driving to the lake and ruminating about his mistakes when he saw a billboard advertising retirement savings sparked a new idea.

EvoShare was founded in 2015 as a FinTech startup that revolutionizes traditional cashback programs. The company has assembled the most robust cashback infrastructure, consisting of 7,500 major online businesses, 25,000 local restaurants and over 1 million hotels worldwide. Eugeny knew that cash back incentives were expected to be a 200 billion dollar industry worldwide, but he also read studies reporting increased consumer spending was threatening retirement savings.

Since biological hardwiring makes humans addicted to shopping, an automatic approach was the only way to successfully ensure consistent contributions to retirement accounts. A 401(k) was the first account EvoShare could direct cashback savings into, and EvoShare is currently the only company that enables third party contributions into a 401(k) account. A 401(k) is the most common retirement account in the US with more than 60 million Americans utilizing them annually. After significant consumer interest and feedback, EvoShare added individual retirement accounts, student debt payments, mortgages, and crypto wallets for customers to direct their savings into.

Eugeny is just one example of Ukrainians giving back to Americans through novel business ideas and he won't be the last. Eugeny knows how hard Ukrainians are fighting for freedom and how grateful they are for help from Americans and the entire world. Many of them can't return the favor for multiple reasons, but Eugeny is privileged enough to have the chance.

"I am thankful to have my wife and children with me in the United States but my parents, siblings, and other people I know are still fighting back home. Through EvoShare, I want to demonstrate how tenacious and resourceful Ukrainians can be for others. Several large companies that benefit the US market have been founded by Ukrainians and I hope that trend never stops. I want EvoShare to be the simple platform that makes saving an automatic process that average Americans can use everyday to build a strong financial future," says EvoShare CEO Eugeny Pudchyenko.

Name: Eugeny Pudchyenko

Email: eugeny.prudchyenko@evoshare.com

Source: The Newsdesk

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/161243