Monetary wellness expertise firm EarnUp reached a brand new milestone final quarter, serving to thousands and thousands of Individuals schedule mortgage, auto, and pupil mortgage funds by its Payday to Payday program and expertise. The corporate says it processed greater than 50 million cost transactions price $43 billion in whole as of Q1 2023.
The expansion of EarnUp follows a surge in curiosity from firms searching for good applications designed to assist staff obtain a extra well-rounded monetary image.
“We’re seeing an fascinating development gaining momentum amongst firms, who at the moment are inserting an emphasis on serving to staff obtain a holistic sense of wellness: bodily, psychological, and now monetary,” mentioned Nadim Homsany, co-founder and CEO of EarnUp. “By providing instruments that assist staff obtain higher monetary well-being, companies are enhancing worker satisfaction and supporting their worker recruitment, DEI, and retention efforts.”
EarnUp powers monetary wellness applications for employers, monetary establishments, municipalities, and nonprofits. Lending and servicing organizations flip to EarnUp to scale back danger and streamline operations.
EarnUp’s suite of merchandise embrace a wise monetary wellness program with a digital consumer expertise that allows debtors to schedule mortgage funds to sync with their payday and speed up funds to principal. This eliminates month-to-month cost shock and helps debtors meet the obligations of their loans with much less of a wrestle.
Utilizing EarnUp’s programs, the corporate says debtors can cut back the probability of defaulting on a mortgage and paying late charges, in keeping with the corporate, and might doubtlessly repay their mortgage and different loans years quicker.
“EarnUp proves that in at this time’s difficult financial system, individuals are eager about cutting-edge tech options that provide versatile cost methods to eradicate undue stress and make budgeting straightforward,” mentioned Homsany. “We now have had greater than three million debtors use the EarnUp platform and have seen debtors attain out straight to enroll with us when their lender or servicer doesn’t provide our companies. In actual fact, greater than 1 / 4 of those direct requests are from prospects returning to EarnUp following a refinance or buy of a brand new residence.”
EarnUp was not too long ago acknowledged for the impression of its revolutionary expertise, successful a HousingWire Tech100 award and a 2023 Innovator Award by Progress in Lending. It additionally made the Monetary Expertise Report’s Energy 300 record, which tracks crucial firms within the monetary expertise sector, together with PayPal, Mastercard, and Fiserv.
Traders in EarnUp embrace Bain Capital Ventures, SignalFire, Blumberg Capital, LendingTree, KeyBank, and Flourish Ventures. The corporate has earned recognition from Deloitte, JP Morgan Chase, Duke College, and Forbes Fintech 50.
This content material was generated utilizing AI, and was edited and fact-checked by HousingWire’s editors.