SAN FRANCISCO, June 12, 2019 /PRNewswire/ -- EarnUp, a
consumer-first financial technology platform that intelligently
automates loan payments, today announced that it now manages over
$10 billion in loans on its platform.
Launched in 2017, EarnUp makes it easy for consumers to stay on
track in making loan payments through its patented technology and
predictive analytics. More information is available at
www.EarnUp.com.
"The demand for EarnUp has been incredible from both consumers
and lenders," said Nadim Homsany,
Co-Founder and President of EarnUp. "People are desperate for
better tools to improve financial health. Americans come to us
feeling overwhelmed by their loans and gain confidence and control
over their financial lives with the platform. This is the
transformation EarnUp was built for."
A full 30 percent of EarnUp users report fewer missed payments
since they started using the platform, based on company customer
surveys. In addition, 80 percent of EarnUp's users report that they
were able to automate their loan payments for the first time,
indicating the power of EarnUp as a revolutionary technology
solution for a broad range of consumers.
Over the last two years, EarnUp has received numerous awards and
honors including being named to the Forbes Fintech 50, the CNBC
Upstart 100, Citi Open Innovation Challenge, and the Financial
Solutions Lab, a partnership between JPMorgan Chase & Co. and
the Financial Health Network.
"The majority of Americans have multiple expenses in a given
month that are due on different dates and they generally live
paycheck to paycheck, with little to no discretionary income. This
is stressful and could lead to financial distress," said
Jennifer McGuinness, Co-Founder,
Head of Aggregation and Structured Finance at Mortgage Venture
Partners, an EarnUp enterprise customer. "EarnUp brings a solution
for borrowers to manage all of their debt in one place, giving them
a resource to budget more efficiently and make better financial
decisions. This leads to better payment performance on loans,
reducing borrower stress, and therefore stabilizing and increasing
the value of the assets for investors as well. It's a win-win."
"We're so proud of this milestone, and the explosive momentum it
represents," added Matthew Cooper,
Co-Founder and CEO of EarnUp. "Consumers deserve more from their
financial products, and we are dedicated to making financial
wellness a reality for every American."
About EarnUp
EarnUp is an award-winning
consumer-first platform that intelligently automates loan payments
for the 200 million indebted Americans. The EarnUp platform makes
it easy for consumers to stay on track with loan payments through
its patented technology, predictive analytics, and personalized
product experience. EarnUp contracts with leading financial
institutions, nonprofits, and government-sponsored entities
including Freddie Mac to support paycheck-to-paycheck consumers.
Based in San Francisco, EarnUp is
backed by SignalFire, Blumberg Capital, and Acumen America, as well
as other leading angels and investors. EarnUp has received numerous
awards and honors including the Forbes Fintech 50, CNBC Upstart
100, Citi Open Innovation Challenge, and Financial Solutions Lab, a
partnership between JPMorgan Chase & Co. and the Financial
Health Network. For more information, visit www.earnup.com and
follow on Twitter @EarnUp.
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SOURCE EarnUp