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.”